Krispy Kreme’s Washington-area presence will expand significantly over the next several years under a franchise agreement that will add almost two-dozen new locations.
The company has signed an agreement with Richmond-based franchise operator Monument Restaurants to develop 20 new Krispy Kreme shops in Southern Maryland, D.C., Northern Virginia and nearby counties.
Winston-Salem, North Carolina-based Krispy Kreme currently has stores in Dupont Circle, Rockville and Alexandria.
Monument also acquired ownership of the Rockville location. Krispy Kreme keeps ownership of its other Washington stores.
About 160 of Krispy Kreme’s (NYSE: KKD) existing 260 stores nationwide are franchised. It also has nearly 600 locations outside of the U.S., all of which are franchised.
Monument’s announcement did not include specific locations for the new Washington area stores.
Krispy Kreme undertook a huge expansion around the time of its 2000 initial public offering and became a hot fast-food brand. Four years later, however, it posted its first quarterly loss and faced stiff competition from revamped competitors such as Dunkin’ Donuts. The company’s fortunes have been on the rise since its stocked reached a low point in 2009.
