<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>4
<FILENAME>g68654ex21-1.txt
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 21.1


                              LIST OF SUBSIDIARIES

                                                     STATE OF INCORPORATION
SUBSIDIARY                                           OR ORGANIZATION
----------                                           -------------------------

Krispy Kreme Doughnut Corporation                    North Carolina
Krispy Kreme Distributing Co., Inc.                  North Carolina
Krispy Kreme Coffee Company, LLC                     North Carolina
Thornton's Flav-O-Rich Bakery Incorporated           North Carolina
KKIM Corporation                                     Delaware
HD Capital Corporation                               Delaware
HDN Development Corporation                          Kentucky
Golden Gate Doughnuts, LLC(1)                        California

----------

(1) Golden Gate Doughnuts, LLC is the registrant's Northern California
    franchisee in which the registrant holds a majority equity interest.


</TEXT>
</DOCUMENT>