##### 



EXHIBIT 21


LIST OF SUBSIDIARIES


|                                                 |  |                    
|------------------------------------------------ |  | -------------------
|                                                 |  | Jurisdiction of    
|                                                 |  | Incorporation or   
|Subsidiary                                       |  | Organization       
|                                                 |  |                    
|Krispy Kreme Doughnut Corporation                |  | North Carolina     
|Krispy Kreme Distributing Company, Incorporated  |  | North Carolina     
|Krispy Kreme Coffee Company, LLC                 |  | North Carolina     
|Krispy Kreme Mobile Store Company                |  | North Carolina     
|Golden Gate Doughnuts, LLC                       |  | North Carolina     
|North Texas Doughnuts, L.P.                      |  | Texas              
|HD Capital Corporation                           |  | Delaware           
|HDN Development Corporation                      |  | Kentucky           
|Panhandle Doughnuts, LLC                         |  | North Carolina     
|Krispy Kreme International Ltd.                  |  | Switzerland        
|Hot Doughnuts Now International Ltd.             |  | Switzerland        
|Krispy Kreme Canada, Inc.                        |  | North Carolina     
|KK Canada Holdings, Inc.                         |  | North Carolina     
|Krispy Kreme Brand Fund Corporation              |  | North Carolina     
|Krispy Kreme Management I, LLC                   |  | North Carolina     
|Krispy Kreme Management II, LLC                  |  | North Carolina     
|Krispy Kreme Management III, LLC                 |  | North Carolina     
|Krispy K Canada Company                          |  | Nova Scotia, Canada
|Northeast Doughnuts, LLC                         |  | North Carolina     
|Montana Mills Bread Co., Inc.                    |  | Delaware           
|Montana Mills Bread Co. of Syracuse, Inc.        |  | New York           
|Montana Mills Bread Co. of Canandaigua, Inc.     |  | New York           
|Montana Mills Bread Co. of Liverpool, Inc.       |  | New York           
|Montana Mills Bread Co. of Albany, Inc.          |  | New York           
|Montana Mills Bread Co. of Park Avenue, Inc.     |  | New York           
|Montana Mills Bread Co. of Fairmont, Inc.        |  | New York           
|Montana Mills Bread Co. of Webster, Inc.         |  | New York           
|Montana Mills Bread Co. of Brighton, Inc.        |  | New York           
|Montana Mills Bread Co. of Corning, Inc.         |  | New York           
|Montana Mills Bread Co. of Greece, Inc.          |  | New York           
|Montana Mills Bread Co. of North Buffalo, Inc.   |  | New York           
|Montana Mills Bread Co. of Latham, Inc.          |  | New York           
|Montana Mills Bread Co. of East Aurora, Inc.     |  | New York           
|Montana Mills Bread Co. of Horseheads, Inc.      |  | New York           
|Montana Mills Bread Co. of Brockport, Inc.       |  | New York           
|Montana Mills Bread Co. of Pittsford, Inc.       |  | New York           
|Montana Mills Bread Co. of Vestal, Inc.          |  | New York           
|Montana Mills Bread Co. of Munroeville, Inc.     |  | Pennsylvania       
|Montana Mills Bread Co. of Peninsula Plaza, Inc. |  | Pennsylvania       



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##### 



|                                             |  |                 
|-------------------------------------------- |  | ----------------
|                                             |  | Jurisdiction of 
|                                             |  | Incorporation or
|Subsidiary                                   |  | Organization    
|                                             |  |                 
|Montana Mills Bread Co. of Rochester, Inc.   |  | New York        
|Montana Mills Bread Co. of Schenectady, Inc. |  | New York        
|Montana Mills Bread Co. of Scranton, Inc.    |  | Pennsylvania    
|Montana Mills Bread Co. of Erie, PA, Inc.    |  | New York        
|Montana Mills Bread Co. of Ohio, Inc.        |  | Ohio            
|Montana Mills Bread Co. of Worthington, Inc. |  | Ohio            
|Montana Mills Bread Co. of Bexley, Inc.      |  | Ohio            
|Montana Mills Bread Co., Inc.                |  | New York        
|Java Joes Public Market Roastery, Inc.       |  | New York        
|Montana Mills Bread Co. of Buffalo, Inc.     |  | New York        
|Freedom Rings, LLC                           |  | Delaware        
|Glazed Investments, LLC(1)                   |  | Delaware        
|New England Dough, LLC(1)                    |  | Rhode Island    






|    |                                                                                      
|--- | -------------------------------------------------------------------------------------
|(1) | Consolidated franchisee in which the registrant holds a majority
    equity interest.