Krispy Kreme (DNUT) Divests Remaining Stake in Insomnia Cookies at $75 Million

Krispy Kreme, Inc. (NASDAQ:DNUT) is one of the best meme stocks. On June 10, Krispy Kreme announced the sale of its remaining shares in Insomnia Cookies Holdings, LLC to Insomnia Cookies and some other shareholders for about $75 million in cash.

This sale comes after Krispy Kreme sold most of its stake in Insomnia Cookies on July 17, 2024. The company said it will use the money, after paying fees, to pay down debt.

Josh Charlesworth, CEO of Krispy Kreme, commented:

"We continue to take swift, decisive action to de-leverage our balance sheet and drive sustainable, profitable growth. This is an important step as we focus on our two biggest opportunities: profitable U.S. expansion and capital-light international franchise growth."

With this sale, Krispy Kreme fully leaves its investment in Insomnia Cookies, shifting its focus to its main business. The company operates in more than 40 countries through its stores, retail partners, and online platforms.

This sale is part of Krispy Kreme’s plan to improve its finances. The company is famous for its Original Glazed doughnuts and is growing worldwide through different distribution channels.

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