US doughnut maker Krispy Kreme has said it is to acquire a 73% interest in its operations in Michigan for US$18.6m in stock.

Krispy Kreme said its existing franchise partner in Michigan would keep a 27% share.

This is the latest in a string of acquisitions by Krispy Kreme, which this year acquired certain operations from its franchisees in Kansas, Missouri and Texas, as well as completing its purchase of bakery chain Montana Mills.

The franchisee plans to close two Detroit-area stores before the deal is completed, but Krispy Kreme said it would rebuild the stores elsewhere, reported Reuters.