Krispy Kreme's balance sheet became bloated over the past two years by acquisition goodwill that will likely need to be written down. As a result, KKD's return on invested capital has plunged to about 10% versus18% two years ago prior to these acquisitions. We'd view a balance sheet write-down,including eliminating a significant portion of the$170+ million in"reacquired franchise," as a first step in the right direction