Krispy Kreme to Miss Deadline on Statements
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Krispy Kreme Doughnuts Inc., the target of a federal accounting investigation, said it didn’t expect to meet a Dec. 15 deadline to release its financial statements and was in talks with its lenders about getting an extension.
“While the company is making substantial progress towards the preparation of such financial statements, it is highly unlikely they will be completed by the required date,” Winston-Salem, N.C.-based Krispy Kreme said in a filing with the Securities and Exchange Commission.
Krispy Kreme hasn’t reported earnings for four quarters as the SEC and federal prosecutors examine how the company accounted for the repurchase of franchises for its factory stores. Krispy Kreme in April arranged $225 million in loans to avert bankruptcy. It made an agreement with the lenders to submit audited results by Dec. 15.
Krispy Kreme shares fell 1 cent to $5.57. The stock has fallen 56% this year.
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