McDonald's Drops Krispy Kreme Deal: What This Means for Both Food Giants

Rhea-AI Filing Summary

Krispy Kreme (NASDAQ: DNUT) announced the termination of its strategic partnership with McDonald's USA, effective July 2, 2025. The decision was mutually agreed upon by both companies, ending their Business Relationship Agreement that was originally established on March 22, 2024.

Key details of the termination include:

• Both companies issued a joint press release on June 24, 2025
• A formal Business Relationship Termination Agreement was signed on June 23, 2025
• Post-termination, certain obligations will survive, including confidentiality and indemnification provisions
• All other mutual obligations under the original agreement will cease on the Termination Effective Date

This material event was disclosed through an 8-K filing signed by CEO Joshua Charlesworth. The filing includes exhibits of the press release (99.1) and Cover Page Interactive Data File in Inline XBRL format.

Positive

• None.

Negative

• Termination of strategic partnership with McDonald's USA effective July 2, 2025, ending a significant distribution channel established in March 2024
• Loss of potential revenue growth opportunity through McDonald's extensive restaurant network

Insights

Strategic Partnership Analyst

Krispy Kreme ending its McDonald's partnership represents a significant distribution channel loss that could materially impact revenue streams.

The termination of Krispy Kreme's partnership with McDonald's USA, effective July 2, 2025, signals the end of a significant distribution arrangement that was only established in March 2024. This premature dissolution of a partnership that was less than 16 months old raises questions about the performance and strategic fit between the two brands. For Krispy Kreme, McDonald's represented a massive potential distribution channel with its approximately 13,500 U.S. locations, which could have substantially expanded Krispy Kreme's market reach beyond its own stores and existing wholesale channels.

The abrupt nature of this termination, described only as a result of "careful consideration" with no specific reasons provided, suggests the partnership may not have delivered the expected results for one or both parties. Krispy Kreme has been pursuing an "omnichannel" strategy to make its products available through multiple sales channels beyond its own shops. The loss of McDonald's as a partner removes a significant piece of this strategy and may create a gap in growth projections that will need to be addressed through other initiatives or partnerships.

Investors should watch for details in subsequent earnings calls regarding the financial impact of this termination, as well as how Krispy Kreme plans to compensate for this lost distribution opportunity. The relatively short duration of this partnership might indicate execution challenges or misaligned expectations that could affect how Krispy Kreme approaches similar opportunities in the future.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 8-K

_________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

June 23, 2025

Date of Report (Date of earliest event reported)

_________________________

Krispy Kreme, Inc.

(Exact name of registrant as specified in its charter)

_________________________

Delaware			001-40573			37-1701311
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

2116 Hawkins Street, Suite 101, Charlotte, North Carolina 28203

(Address of principal executive offices)

(800) 457-4779

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-14(c) under the Exchange Act (17 CFR 240.13e-14(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $0.01 par value per share

DNUT

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

On June 24, 2025, Krispy Kreme, Inc. (the “Company”) and McDonald’s USA, LLC (“McDonald’s USA”) issued a press release announcing that, after careful consideration, the companies have jointly decided to end their partnership, effective July 2, 2025 (the “Termination Effective Date”). A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01. Other Events.

On June 23, 2025, Krispy Kreme Doughnut Corporation (“Krispy Kreme”), a North Carolina corporation and an indirect, wholly owned subsidiary of the Company, entered into a Business Relationship Termination Agreement with McDonald’s USA that terminates, effective as of the Termination Effective Date, the Business Relationship Agreement between Krispy Kreme and McDonald’s USA dated March 22, 2024 (the “Business Relationship Agreement”).

Effective as of the Termination Effective Date, each party shall have no further obligations to the other party under the Business Relationship Agreement except for obligations that expressly survive termination related to confidentiality, indemnification and certain other miscellaneous provisions.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

			Exhibit No.						Description
			99.1						Press Release issued by Krispy Kreme, Inc. and McDonald's USA, dated June 24, 2025
			104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KRISPY KREME, INC.

Dated: June 24, 2025

By:    /s/ Joshua Charlesworth

Name:			Joshua Charlesworth
Title:			Chief Executive Officer

FAQ

Why did DNUT file an 8-K on June 28, 2025?

DNUT filed an 8-K to announce the termination of its partnership with McDonald's USA, effective July 2, 2025. The companies jointly decided to end their Business Relationship Agreement that was originally established on March 22, 2024.

When will the partnership between DNUT and McDonald's end?

The partnership between Krispy Kreme (DNUT) and McDonald's USA will officially terminate on July 2, 2025, as specified in the Business Relationship Termination Agreement signed on June 23, 2025.

Who is the current CEO of Krispy Kreme (DNUT)?

According to the 8-K filing's signature section, Joshua Charlesworth is serving as the Chief Executive Officer of Krispy Kreme, Inc. (DNUT).

What happens to DNUT and McDonald's obligations after the partnership termination?

After the July 2, 2025 termination date, both parties will have no further obligations to each other under the Business Relationship Agreement, except for surviving obligations related to confidentiality, indemnification, and certain miscellaneous provisions.

When was the original partnership agreement between DNUT and McDonald's established?

The original Business Relationship Agreement between Krispy Kreme and McDonald's USA was established on March 22, 2024.