Form 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 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	OMB APPROVAL
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(Print or Type Responses)

X ⁽¹⁾ Other (specify
title below) below)

1. Name and Address of Reporting Person*

Tillman Elizabeth M.

2. Issuer Name and Ticker or Trading Symbol

Krispy Kreme Doughnuts, Inc. (KKD)

6. Relationship of Reporting Person(s) to Issuer
    (Check all applicable)
____ Director                    ____ 10% Owner
____ Officer (give

(Last) (First) (Middle)

6637 South Winding Brook

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

4. Statement for
Month/Year

February 2001

(Street)

Montrose AL 36559

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

Amount

(A) or (D)

Price

Common Stock

1/30/01

105,000⁽²⁾

$67.00

30,000⁽²⁾

Common Stock

12/31/01

482⁽²⁾

⁽³⁾

Common Stock

1/30/01

S⁽³⁾

17,494⁽²⁾

$67.00

Common Stock

2/19/01

S⁽³⁾

14,956⁽²⁾

$67.00

113,489⁽²⁾

⁽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

(A)

(D)

Date
Exercisable

Expiration
Date

Title

Amount
or
Number
of Shares

Explanation of Responses:

(1)   The reporting person is a member of a Section 13d group that owns more than 10% of the Issuer's outstanding common stock.
(2)   Amount of securities does not reflect 2:1 stock splits that occurred on March 19, 2001 and June 14, 2001.
(3)  Gift of partnership interest in McAleer Investments Limited Partnership, a limited partnership of which the reporting person is a general partner.
(4)   By McAleer Investments Limited Partnership, a 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/

Elizabeth M. Tillman

Elizabeth M. Tillman
**Signature of Reporting Person

12/13/01

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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TILLMAN ELIZABETH M 4