The market has spoken! After sending Starbucks home with its tail between its legs, Australia has sent Krispy Kreme packing as well. The Australian arm of Krispy Kreme, which has fifty stores and 660 employees in the wide brown land, was placed into administration on Friday afternoon; the company blamed “sales declines” and “high rents” for the collapse. Stephen King at Core Economics, though, blames their doughnuts.
(Confession time: I like Krispy Kreme in small doses. When I worked half a block from one of the first KK stores in Australia, I bought ’em for the whole dealing room; 120 people on a simultaneous sugar high is quite a sight.)
And won’t somebody think of all the unemployed doughnuts?