Los Angeles - Kuwaiti conglomerate Mohamed Abdulmohsin Al Kharafi & Sons Wednesday said it has a 6.7 percent stake in the struggling U.S. doughnut chain Krispy Kreme Doughnuts Inc.
M.A. Al Kharafi, which is run by Nasser Al Kharafi, owns 4.13 million of Krispy Kreme's common shares, according to a filing with the U.S. Securities and Exchange Commission.
Krispy Kreme has been struggling to restore its financial health in the wake of an earnings restatement, an SEC investigation into its accounting, and a fall-off in doughnut sales.
Nasser Al Kharafi and his family reached No. 29 on Forbes Magazine's most recent list of the world's richest people.
Krispy Kreme shares closed at $8.42 Wednesday on the New York Stock Exchange, down 7 cents on the day.