Unit of Krispy Kreme Files for Bankruptcy; GM Next?
NEW YORK (Reuters) - Krispy Kreme Doughnuts Inc. said on Monday that a fully-owned franchisee in the Philadelphia region filed for Chapter 11 bankruptcy protection.
In doing so, they became the first company ever to go bankrupt betting on America's appetite for junk food.
In hindsight, their "buy 1, get 12 free" marketing strategy may have been a mistake, said spokesperson Wendy Kroger. "While the promotion was popular with customers, it didn't seem to translate to the bottom line."
Another indication of trouble came a few months ago, when the franchisee attempted to pay its employees in glaze.
"I had a problem with that," said employee Vincent Malatesta. "Glaze? Just Glaze? If it had been doughnuts and glaze, maybe. But just glaze? No deal."
The final straw may have been when employees walked off the job, and the stores launched a "make your own doughnuts!" promotion. Numerous lawsuits are pending as a result.
"We'd never thought it necessary to warn people not to drink the glaze, " said Kroger. "It's 175 degrees, so yeah, there were some burn wounds."
In other news, General Motors CEO Rick Wagoner said the company isn't considering bankruptcy protection as a way to solve its financial troubles.
"We are, however, looking at it as a way to escape from our troubles, because man, there are a lot of them," added Wagoner.
GM executives will not get a bonuses this year, so Wagoner will have to try to squeak by on his $2.5 million base salary. Now you'll now how the rest of us live, Rick!
Mmm... bankrupt...
GM's new "gas-magic" hybrid car (not yet in production).
In doing so, they became the first company ever to go bankrupt betting on America's appetite for junk food.
In hindsight, their "buy 1, get 12 free" marketing strategy may have been a mistake, said spokesperson Wendy Kroger. "While the promotion was popular with customers, it didn't seem to translate to the bottom line."
Another indication of trouble came a few months ago, when the franchisee attempted to pay its employees in glaze.
"I had a problem with that," said employee Vincent Malatesta. "Glaze? Just Glaze? If it had been doughnuts and glaze, maybe. But just glaze? No deal."
The final straw may have been when employees walked off the job, and the stores launched a "make your own doughnuts!" promotion. Numerous lawsuits are pending as a result.
"We'd never thought it necessary to warn people not to drink the glaze, " said Kroger. "It's 175 degrees, so yeah, there were some burn wounds."
In other news, General Motors CEO Rick Wagoner said the company isn't considering bankruptcy protection as a way to solve its financial troubles.
"We are, however, looking at it as a way to escape from our troubles, because man, there are a lot of them," added Wagoner.
GM executives will not get a bonuses this year, so Wagoner will have to try to squeak by on his $2.5 million base salary. Now you'll now how the rest of us live, Rick!
Mmm... bankrupt...
GM's new "gas-magic" hybrid car (not yet in production).
posted by Ish at 11:45 AM
4 Comments:
as someone who's done comedy, quit comedy, and yet everyone keeps asking me to tell a funny joke - you're commentaries aren't funny man... they're Fucking funny.
Cheers!
(and yesh, I blog too, shamefully.. serious at times, many weird shit, and some stuff that just makes you go huh!?)
You know the old saying, "what's good for Krispy Kreme is good for America."
Bronxbt, thanks for the kudos! I appreciate it.
krispy
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