The North Carolina firm has awarded development rights for an undisclosed sum to three entrepreneurs in Lubbock, Amarillo and El Paso, TX; and two other undetermined sites.
Krispy Kreme will retain ownership of 33% to 40% in the new ventures, the New York Stock Exchange-traded company says in a prepared statement.
Hal Smith, owner, Hal Smith Restaurant Group and the Krispy Kreme franchisee for Oklahoma City and Tulsa, OK, will become managing partner of KK-TX LLC. The new firm will develop doughnut stores over the next five years in Lubbock and Amarillo, TX. Krispy Kreme will own 33% of the business.
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