Following a review by its voluntary administrators, Krispy Kreme has announced the closure of 21 retail stores as part of its restructure.

It will see 15 stores in NSW, five in Victoria and one in Queensland close its doors with three stores in ACT already closed.
The restructure has meant 15 full-time, 142 part-time and 44 casual jobs have been loss with all entitlements to be met in full, the company says.

A further 61 employees from the closed stores have been given jobs at its other 27 retail outlets, which will remain open and trading as usual as the voluntary administration process continues.

The directors of Krispy Kreme Australia appointed voluntary administrators to the company in October after deciding a number of underperforming stores was putting the company at risk of not meeting its financial obligations if it continues trading under its current model.