Dunkin’ Donuts franchise operator Kainos Partners Holding Company LLC became one of the latest companies to file for bankruptcy on Monday.
The company cited customers under extreme financial stress, as well as higher food costs, in its filing. It follows two other Dunkin’ Donuts franchisees who filed for bankruptcy in June.
Another issue at Kainos? The company said it found out that its CFO had engaged in $420,000 worth of financial transactions involving company assets for his personal use. The executive was fired in February.
Seems like times have changed a bit for the company. Kainos Partners received Dunkin Brands Rising Star of the year award for 2006 and Developer of the Year for 2007.
(Reuters photo)
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How is that possible, nothing beats the recession blues better than a couple of donuts.
- Posted by DaisyThe best part of a Dunkin’ Donut is the hole. They are just like our Government when it comes to taxes, what we pay and what we get for our taxes.
- Posted by Sandman