Form 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person*

       McAleer                         John                 N.

2. Issuer Name and Ticker or Trading Symbol

Krispy Kreme Doughnuts, Inc. (KREM)

Vice Chairman of the Board and Executive
Vice President, Concept Development

          370 Knollwood Street, Suite 500

3. I.R.S. Identification Number of Reporting Person, if an entity voluntary)

4. Statement for Month/Year
December, 2000

Winston-Salem             NC               27103

5. If Amendment, Date of Original (Month/Year)

7. Individual or Joint/Group Filing
(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)             (State)             (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)

2. Transaction Date
(Month/Day/Year)

3. Transaction
Code
(Instr. 8)

4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)

6. Owner-
ship Form:
Direct (D) or Indirect (I)
(Instr. 4)

7. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

Amount

(A) or (D)

Price

Common Stock

12/28/00

W

V

100,000

A

N/A

Common Stock

12/29/00

J⁶

V

263,060

D

N/A

173,180

D

Common Stock

12/29/00

J⁶

V

263,060

A

N/A

263,060

I

(5)

Common Stock

     600

I

(1)

Common Stock

   3,460

I

(2)

Common Stock

   3,460

I

(3)

Common Stock

   3,460

I

(4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instructions 4(b)(v).

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

(Over)
SEC 1474 (3-99)

FORM 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1.Title of Derivative Security
(Instr.3)

2. Conversion or
Exercise
Price of
Derivative
Security

3. Transaction
Date
(Month/
Day/
Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative
Securities
Acquired (A) or Disposed of(D)
(Instr. 3, 4 and 5)

6. Date Exercisable
and Expiration Date
(Month/Day/Year)

7. Title and Amount of
Underlying Securities
(Instr. 3 and 4)

8. Price of
Derivative
Security
(Instr. 5)

9.Number of
Derivative
Securities
Beneficially
Owned at
End of
Month
(Instr. 4)

10. Ownership
Form of
Derivative
Security:
Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of
Indirect
Beneficial
Ownership
(Instr. 4)

Code

V

(A)

(D)

Date
Exercisable

Expiration
Date

Title

Amount
or
Number
of Shares

Explanation of Responses:

(1)  Held by spouse.
(2)  Held by The John N. McAleer 1999 Trust for the benefit of Jennifer A. McAleer, Mr. McAleer's daughter.
(3)  Held by The John N. McAleer 1999 Trust for the benefit of Lauren E. McAleer, Mr. McAleer's daughter.
(4)  Held by The John N. McAleer 1999 Trust for the benefit of Alexander B. McAleer, Mr. McAleer's son.
(5)  Held by McAleer Investments, L.P., a family limited partnership of which the reporting person is a general partner.
(6)  Transfer of 263,060 Shares to McAleer Investments, L.P., a family limited partnership of which the reporting person is a general partner.

**

Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

  /s/ John N. McAleer                                     
**Signature of Reporting Person

     01/08/01     
Date

Note:

File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number.

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