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Krispy Kreme Adds QSR Veteran to Company Store Operations Team

July 2, 2008

WINSTON-SALEM, N.C., July 2 /PRNewswire-FirstCall/ — Krispy Kreme Doughnuts, Inc. today announced that Cindy Bay, a veteran of the QSR industry, has joined the Company as Senior Vice President of Company Store Operations.

Bay has spent the greater part of her successful career with McDonald’s Corporation, one of the leading foodservice providers in the world, where she advanced to Vice President of Operations overseeing more than $1.2 billion in sales for 670 restaurants. Bay brings to the Company more than 25 years of experience in multi-unit operations and training.

“We are pleased Cindy Bay, a special individual with an outstanding background and track record at one of the world’s premier quick service restaurant operations, is joining the Krispy Kreme team,” said Jim Morgan, Chairman, President and Chief Executive Officer. “I am confident she will have a major positive impact on our Company Store operations as we continue to move forward in our ongoing transformation.”

Bay commented, “I am extremely excited to be joining a company with an iconic brand and a special history like Krispy Kreme. This is a great opportunity for me to be part of the transformation of one of America’s most recognized organizations, and I’m eager to get started.”

About Krispy Kreme

Krispy Kreme is a leading branded specialty retailer of premium quality sweet treats, including its signature hot Original Glazed(R) doughnut. Headquartered in Winston-Salem, NC, the company has offered the highest quality doughnuts and great tasting coffee since it was founded in 1937. Krispy Kreme is proud that for decades its Fundraising program has helped non-profit organizations raise millions of dollars in needed funds. Today, Krispy Kreme and its one-of-a-kind Hot Light can be found in approximately 470 locations around the world. Visit us at http://www.krispykreme.com/.

Information contained in this press release, other than historical information, should be considered forward-looking. Forward-looking statements are subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Krispy Kreme’s operating results, performance or financial condition are the outcome of pending governmental investigations, including by the Securities and Exchange Commission (the “SEC”) and the United States Attorney’s Office for the Southern District of New York; potential indemnification obligations and limitations of our director and officer liability insurance; the quality of Company and franchise store operations; our ability, and our dependence on the ability of our franchisees, to execute on our and their business plans; our relationships with our franchisees; our ability to implement our international growth strategy; our ability to implement our new domestic operating model and refranchising strategy; currency, economic, political and other risks associated with our international operations; the price and availability of raw materials needed to produce doughnut mixes and other ingredients; compliance with government regulations relating to food products and franchising; our relationships with wholesale customers; our ability to protect our trademarks; risks associated with our high levels of indebtedness; restrictions on our operations and compliance with covenants contained in our secured credit facilities; changes in customer preferences and perceptions; significant changes in our management; risks associated with competition; and other factors discussed in Krispy Kreme’s Annual Report on Form 10-K for fiscal 2008 and other periodic reports filed with the SEC.

Krispy Kreme Doughnuts, Inc.

CONTACT: Brian K. Little of Krispy Kreme Doughnuts, Inc.,+1-336-726-8825, blittle@KrispyKreme.com

Web site: http://www.krispykreme.com/




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