Document:

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                                                                  EXHIBIT 10(j)

                               NINTH AMENDMENT TO
                        FINANCING AND SECURITY AGREEMENT

         THIS NINTH AMENDMENT TO FINANCING AND SECURITY AGREEMENT, dated as of
October 8, 1999, is by and among FIRST UNION COMMERCIAL CORPORATION ("Lender"),
ELLETT BROTHERS, INC. ("Ellett"), LEISURE SPORTS MARKETING, INC. ("Leisure"),
EVANS SPORTS, INC., ("Evans"), SAFESPORT MANUFACTURING COMPANY ("Safesport"),
VINTAGE EDITIONS, INC. ("Vintage") and ARCHERY CENTER INTERNATIONAL, INC.
("Archery") (hereinafter Ellett, Leisure, Evans, Safesport, Vintage and Archery
may be referred to collectively as the "Borrower").

RECITAL

         A.       The Lender, Ellett, Leisure, Evans, Safesport and Vintage
have entered into that certain Financing and Security Agreement, dated June 10,
1994, as amended (the "Financing Agreement").

         B.       The Borrower and the Lender have agreed to amend the
Financing Agreement as set forth herein.

         NOW, THEREFORE, the parties hereto agree as follows:

                  1.       The Financing Agreement is hereby amended as
         follows:

                           (a)      The introductory paragraph of the Financing
                  Agreement is amended in its entirety so that such paragraph
                  now reads as follows:

                                    AGREEMENT made June 10, 1994, as amended,
                           by and between ELLETT BROTHERS, INC., a business
                           corporation duly organized under the laws of the
                           State of South Carolina having a principal place of
                           business at 267 Columbia Avenue, Chapin, South
                           Carolina 29036 ("Ellett"), EVANS SPORTS, INC., a
                           business corporation duly organized under the laws
                           of the State of South Carolina having a principal
                           place of business at 267 Columbia Avenue, Chapin,
                           South Carolina 29036 ("Evans"), LEISURE SPORTS
                           MARKETING, INC., a business corporation duly
                           organized under the laws of the State of South
                           Carolina having a principal place of business at 267
                           Columbia Avenue, Chapin, South Carolina 29036
                           ("Leisure"), SAFESPORT MANUFACTURING COMPANY, a
                           business corporation duly organized under the laws
                           of the State of South Carolina having a principal
                           place of business at 267 Columbia Avenue, Chapin,
                           South Carolina 29036 ("Safesport"), VINTAGE
                           EDITIONS, INC., a business corporation duly
                           organized under the laws of the State of South
                           Carolina having a principal place of business at 267
                           Columbia Avenue, Chapin, South Carolina 29036
                           ("Vintage") and ARCHERY CENTER INTERNATIONAL, INC.,
                           a business corporation duly organized under the laws
                           of the State of South Carolina having a principal
                           place of business at 267 Columbia

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                           Avenue, Chapin, South Carolina 29036 ("Archery")
                           (herein Ellett, Evans, Leisure, Safesport, Vintage
                           and Archery are collectively referred to as
                           "Borrower") and FIRST UNION COMMERCIAL CORPORATION
                           ("Lender") with its principal place of business at
                           Charlotte, North Carolina.

                           (b)      Section 17 is amended by adding the
                  following location to the list of locations contained
                  therein:

                                    15610 South Telegraph Road
                                    Monroe, Michigan 48161

                  2.       Ellett, Leisure, Evans, Safesport, Vintage and
         Archery agree that (a) Archery is included within the term "Borrower"
         for all purposes in the Financing Agreement, (b) are jointly and
         severally obligated to repay the Obligations (as defined in the
         Financing Agreement), (c) the Obligations (as defined in the Financing
         Agreement) include all obligations, liabilities and indebtedness of
         each of Ellett, Leisure, Evans, Safesport, Vintage and Archery to the
         Lender and (d) Ellett, Leisure, Evans, Safesport, Vintage and Archery
         have each granted the Lender a security interest in all of their
         respective Receivables (as defined in the Financing Agreement),
         Inventory (as defined in the Financing Agreement) and Collateral (as
         defined in the Financing Agreement) to secure the Obligations.

                  3.       This Ninth Amendment may be executed in any number
         of counterparts, each of which when so executed and delivered shall be
         deemed an original, and it shall not be necessary in making proof of
         this Ninth Amendment to produce or account for more than one
         counterpart.

                  4.       Ellett, Leisure, Evans, Safesport, Vintage and
         Archery will each execute such additional documents as are reasonably
         requested by the Lender to reflect the terms and conditions of this
         Ninth Amendment and will cause to be delivered such certificates,
         legal opinions and other documents as are reasonably required by the
         Lender. In addition, Ellett, Leisure, Evans, Safesport, Vintage and
         Archery will pay all costs and expenses in connection with the
         preparation, execution and delivery of the documents executed in
         connection with this transaction, including, without limitation, the
         reasonable fees and out-of-pocket expenses of special counsel to the
         Lender as well as any and all filing and recording fees and stamp and
         other taxes with respect thereto and to save the Lender harmless from
         any and all such costs, expenses and liabilities.

                  5.       THIS NINTH AMENDMENT AND THE OTHER DOCUMENTS AND
         AGREEMENTS EXECUTED IN CONNECTION HEREWITH (UNLESS SPECIFICALLY
         STIPULATED TO THE CONTRARY IN SUCH DOCUMENT OR

                                      -2-
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         AGREEMENT), AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
         AND THEREUNDER, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
         ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA WITHOUT
         REGARD TO CONFLICTS OF LAWS PRINCIPLES.

                                      -3-
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         IN WITNESS WHEREOF, the parties hereto have caused this Ninth
Amendment to be executed by their duly authorized corporate officers as of the
day and year first above written.

                         ELLETT BROTHERS, INC.

                         By: /s/ George E. Loney/Chief Financial Officer
                            ---------------------------------------------------
                                                      (Title)

                         EVANS SPORTS, INC., a South
                         Carolina corporation

                         By: /s/ George E. Loney/Chief Financial Officer
                            ---------------------------------------------------
                                                      (Title)

                         LEISURE SPORTS MARKETING, INC., a
                         South Carolina corporation

                         By: /s/ George E. Loney/Chief Financial Officer
                            ---------------------------------------------------
                                                      (Title)

                         SAFESPORT MANUFACTURING COMPANY, a
                         South Carolina corporation

                         By: /s/ George E. Loney/Chief Financial Officer
                            ---------------------------------------------------
                                                      (Title)

                         VINTAGE EDITIONS, INC., a
                         South Carolina corporation

                         By: /s/ George E. Loney/Chief Financial Officer
                            ---------------------------------------------------
                                                      (Title)

                                      -4-
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                         ARCHERY CENTER INTERNATIONAL, INC.,
                         A South

                         By: /s/ George E. Loney/Chief Financial Officer
                            ---------------------------------------------------
                                                      (Title)

                         FIRST UNION COMMERCIAL CORPORATION

                         By: /s/ Bruce K. Rhodes/Vice President
                            ---------------------------------------------------
                                                      (Title)

                                      -5-<PAGE>   1
   COMMON STOCK                 KRISPY KREME            COMMON STOCK
Certificate Number               DOUGHNUTS                 Shares
                        AMERICA'S FAVORITE DOUGHNUT
                                 SINCE 1937

   NO PAR VALUE                                      CUSIP 501014 10 4
     PER SHARE                              SEE REVERSE FOR CERTAIN DEFINITIONS

          INCORPORATED UNDER THE LAWS OF THE STATE OF NORTH CAROLINA

         THIS CERTIFIES THAT

         IS THE OWNER OF

     FULLY PAID AND NONASSESSABLE SHARES OF THE COMMON STOCK, NO PAR VALUE
    PER SHARE, OF KRISPY KREME DOUGHNUTS, INC. Transferable on the books of
         the Corporation in person or by duly authorized Attorney, upon
     surrender of this Certificate, properly endorsed. This Certificate is
    not valid until countersigned and registered by the Transfer Agent and
        Registrar. WITNESS the facsimile seal of the Corporation and the
             facsimile signatures of its duly authorized officers.

Dated:

          /s/ Randy S. Casstevens             /s/ Scott A. Livingood
               Secretary                             President

Countersigned and Registered:
BRANCH BANKING AND TRUST COMPANY
      (WILSON, NC)

By                                 Transfer Agent
                                    and Registrar

                             Authorized Signature.
<PAGE>   2
                          KRISPY KREME DOUGHNUTS, INC.

        Krispy Kreme Doughnuts, Inc. ("Krispy Kreme") is authorized to issue
Preferred stock in one or more series which, when issued may have certain
preferences or special rights in the payment of dividends, in voting, upon
liquidation, or otherwise. Krispy Kreme will upon request furnish any
shareholder, without charge, information as to the number of such shares
authorized and outstanding and a copy of the portions of the charter or
resolutions containing the designations, preferences, limitations and relative
rights of all shares and any series thereof. Any such request is to be
addressed to the Transfer Agent named on the face of this certificate.

        This certificate also evidences certain Rights as set forth in a Rights
Agreement between Krispy Kreme and Branch Banking and Trust Company, dated as
of January 18, 2000 (the "Rights Agreement"), the terms of which are hereby
incorporated herein by reference and a copy of which is on file at the
principal office of Krispy Kreme. Krispy Kreme will mail to the holder of this
certificate a copy of the Rights Agreement without charge promptly after
receipt of a written request therefor. Under certain circumstances, as set
forth in the Rights Agreement, such Rights may be evidenced by separate
certificates and no longer be evidenced by this certificate, may be redeemed or
exchanged or may expire. As set forth in the Rights Agreement, Rights issued
to, or held by, any Person who is, was or becomes an Acquiring Person or an
Affiliate or Associate thereof (as such terms are defined in the Rights
Agreement), whether currently held by or on behalf of such Person or by any
subsequent holder, may be null and void.

        The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                                   <C>
TEN COM   - as tenants in common                      UGMA/UTMA - __________ as Custodian for _______________
                                                                       (Cust)                     (Minor)
TEN ENT   - as tenants by the entireties              under the ________________ Uniform Gifts/Transfers

JT TEN    - as joint tenants with right               to Minors  Act
            of survivorship and not as
            tenants in common
</TABLE>

    Additional abbreviations may also be used though not in the above list.

 For value received ___________________, hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
---------------------------------------

----------------------------------------_______________________________________

_______________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING ZIP CODE OF ASSIGNEE)

_______________________________________________________________________________

_______________________________________________________________________________

________________________________________________________________________ Shares

of the capital stock represented by the within Certificate, and do hereby

irrevocably constitute and appoint ____________________________________________

______________________________________________________________________ Attorney

to transfer the said stock on the books of the within named Company with full

power of substitution in the premises.

Dated:
      ---------------------------------------

                ---------------------------------------------------------------
                NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH
                THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY
                PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE
                WHATEVER.

SIGNATURE GUARANTEE:

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