Krispy Kreme’s balance sheet become 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% versus 18% 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 rights,” as a first step in the right direction.