The Australian arm of Krispy Kreme doughnuts has gone into voluntary administration after suffering falling profits.

The company is to undergo a full restructure to see if any parts of the business can be salvaged.

Krispy Kreme spokesman Matthew Horan says the company has been brought down by several poorly performing stores.

"It's like a two-speed business with some locations doing very well and some not."

The company's directors have appointed receivers Smith and Hancock to assess whether a restructure can save the company.

Mr Horan says it is too early to say how the company's 660 employees will be affected, but any people who lose their jobs will be paid their full entitlements.

Krispy Kreme has 54 outlets in Australia, the highest of any country outside the United States.

It is unknown whether any of the stores will have to close.

The chain of stores attracted condemnation from nutritionists when it first opened in Penrith in 2003, with each doughnut reportedly containing 28 per cent fat.