Krispy Kreme lost its CFO and Vice Chairman yesterday, and the stock is still in the toilet, where it has been wallowing for the past three years. (W$J) The company is trying to execute a turnaround, but it's slow going. Two weeks ago, the company held the first conference call with investors in years, and the mere occurrence of that event was heralded as a significant marker in the progress of the turnaround plan. Still, my sense is that the problems at Krispy Kreme transcend financial scandals. The more fundamental concern is that people don't really like Krispy Kreme doughnuts that much anymore. It was fun while it lasted, but we have moved on. And that whole wheat thing is not going to bring back the magic.
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