EXHIBIT 21

LIST OF SUBSIDIARIES*

|                                           |                           | **Jurisdiction of** |                 
|------------------------------------------ | ------------------------- | ------------------- | ----------------
|                                           |                           | **Incorporation**   |                 
|                                           |                           | **or**              |                 
|Subsidiary                                 |                           |                     | **Organization**
|Golden Gate Doughnuts, LLC                 | North
      Carolina     
|                                           |                          
|HD
      Capital Corporation               | Delaware                 
|                                           |                          
|HDN
      Development Corporation          | Kentucky                 
|                                           |                          
|Hot
      Doughnuts Now International Ltd. | Switzerland              
|                                           |                          
|KK
      Asia Pacific Ltd.                 | Hong
      Kong          
|                                           |                          
|KK
      Canada Holdings, Inc.             | North
      Carolina     
|                                           |                          
|Krispy K Canada Company                    | Nova
      Scotia, Canada
|                                           |                          
|Krispy Kreme Canada, Inc.                  | North
      Carolina     
|                                           |                          
|Krispy Kreme Doughnut Corporation          | North
      Carolina     
|                                           |                          
|Krispy Kreme International Ltd.            | Switzerland              
|                                           |                          
|Krispy Kreme Management I, LLC             | North
      Carolina     
|                                           |                          
|Krispy Kreme Management II, LLC            | North
      Carolina     
|                                           |                          
|Krispy Kreme Management III, LLC           | North
      Carolina     
|                                           |                          
|Krispy Kreme Mobile Store Company          | North
      Carolina     
|                                           |                          
|North
      Texas Doughnuts, L.P.          | Texas                    
|                                           |                          
|Northeast Doughnuts, LLC                   | North
      Carolina     
|                                           |                          
|Panhandle Doughnuts, LLC                   | North
      Carolina     
|                                           |                          
|Southern Doughnuts, LLC                    | North
      Carolina     
|                                           |                          
|Southwest Doughnuts, LLC                   | North
      Carolina     

|* |  | This list excludes non-material
      subsidiaries that are in the process of being
  dissolved.
|- |  | ------------------------------------------------------------------------------------------------

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