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Source: PRESS RELEASE, 7/23/13
Krispy Kreme Doughnut Corporation continues to expand in the Asia Pacific region with the announcement today that it has reached an agreement in principle on the material terms of a development plan with existing franchisee Lotteria Co., LTD for 60 new Krispy Kreme franchise locations in South Korea over the next five years. The franchisee also plans significant remodels at more than half of its existing 73 Krispy Kreme locations throughout the country. The parties expect to execute a definitive agreement upon receipt of approval from South Korean franchise regulatory authorities, which is expected in the coming months.
"It is fantastic when we can build on existing business relationships to continue the exciting growth we are experiencing in Asia and around the world," said Jeff Welch, Krispy Kreme President — International. "Lotteria knows the Krispy Kreme brand well, and their QSR expertise is unmatched in the market. We expect their success in South Korea will continue as they further expand the Krispy Kreme brand.
"We now have more than 540 stores in our 21 international markets," Welch continued. "This new development agreement, when executed, would bring franchisees' commitments for new international shops to nearly 425."
The Krispy Kreme Original Glazed® doughnut can be found in over 785 locations in 22 countries, including Australia, Bahrain, Canada, China, Dominican Republic, India, Indonesia, Japan, Kuwait, Lebanon, Malaysia, Mexico, the Philippines, Puerto Rico, the Republic of Korea (South Korea), Qatar, Saudi Arabia, Thailand, Turkey, the United Arab Emirates, the United Kingdom and the United States.
About Lotteria Co., LTD
Lotteria Co., LTD is the licensed franchisee of Krispy Kreme Doughnut Corporation in South Korea, where it currently operates 73 Krispy Kreme shops. Lotteria Co., LTD is an affiliate of Lotte Group, which has a strong focus on the food and beverage business, operating the leading burger chain "Lotteria," coffee chain "Angel-in-us," ice cream chain "Natuur" and "TGI Friday's" in Korea and other Asian countries including China, Japan, Vietnam and Indonesia.
About Krispy Kreme
Krispy Kreme (NYSE: KKD) is a leading branded specialty retailer and wholesaler of premium quality sweet treats and complementary products, including its signature Original Glazed® doughnut. Headquartered in Winston-Salem, NC, the Company has offered the highest quality doughnuts and great tasting coffee since it was founded in 1937. Connect with Krispy Kreme at krispykreme.com and on Facebook, Foursquare, Twitter and YouTube.
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