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Krispy Kreme Doughnuts Inc. has sold its 30 percent stake in Krispy Kreme Mexico S. de R.L. de C.V., one of its Mexican franchises, for $7.8 million.

According to Charlotte-Raleigh Citybizlist, Krispy Kreme received net proceeds of $5.9 million from the sale. The Winston-Salem, N.C.-based company paid an estimated $1.5 million in Mexican taxes and is expected to report an after-tax gain of $4.4 million in the quarter ending July 31.

Proceeds from the transaction will be used to make a $6.2 million payment toward an outstanding term loan, which would reduce Krispy Kreme's debt to $28.2 million.

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