I love Krispy Kreme. Hot from the fryer and loaded with sugar, the Original Glazed is practically irresistible.

Unfortunately, in Hong Kong, Krispy Kreme fell as quickly as it rose.

The continuing economic catastrophe has claimed another victim with the leading American doughnut chain announcing on Monday that it is closing down all of its outlets in the city.

Government-run radio station RTHK reported that the chain, brought to Hong Kong by two Australian restaurateurs in 2006, had gone into liquidation with a creditors meeting scheduled for next month.

Krispy Kreme Doughnuts operates a chain of almost 300 doughnut shops and more than 200 smaller-format satellite locations throughout the US and in more than a dozen other countries. About 100 locations are company-owned, while the rest are franchised.