Toronto Life

Victim 2: Krispy Kreme (2001–? Currently on life support)
Description: The American doughnut chain received a lot of love for its first outlet in Mississauga in 2001, selling $70,000 worth of warm glazed doughnuts on opening day, and later setting up shop in larger Loblaws locations. The company hit a high of 18 franchises in the country, while kids wearing the Krispy Kreme employee paper hat became a staple at Halloween parties for several years.
Cause of death: It’s a no-brainer that Tim Hortons gets Canada’s doughnut money, though North Carolina–based Krispy Kreme blames low-carb diets for its demise. Once the hype died down and people realized there were better things to do with an hour than line up for doughnuts, the chain slimmed down to its current five locations. The firm that looks after the company’s Canadian franchises was put into bankruptcy protection in 2005. Now, only the Mississauga location (5920 Mavis Rd.) is left standing in Ontario, though the Krispy Kreme outside of the Shinjuku metro station in Tokyo still has two-hour wait times from morning till night. Hardcore Kreme fans may still find boxes of the stuff at Petro Canada stations and Wal-Marts.
In memoriam: krispykreme.com