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The Krispy Kreme brand has faced difficult times recently after a decline in doughnut sales sent some of its franchisees into bankruptcy.
The company said in a statement: “Although the company is disappointed by this development the company's international growth strategy has not changed.”
Krispy Kreme signed franchise agreements earlier this year for expansion into Turkey, Malaysia and several major Chinese cities.
The Hong Kong franchisee has seven stores, five of which have been closed immediately. Its two airport stores will continue to trade until further notice.