The Dutch franchise of US doughnut company Dunkin’ has gone bust, joint owner Roberto Fava has told news agency ANP.

The reason for the bankruptcy has not been made public but according to the Telegraaf, all 50 shops in the Netherlands will remain open for the time being.

The first Dunkin’ Donuts opened in Amsterdam in 2017 as a franchise, operated by Fava and investor Nabil Besali. The two already had several “Nutella” shops in the city centre and had bought the rights to use the Dunkin’ name in Belgium as well.

Last year hospitality industry family Van der Valk bought a majority stake in the operation and announced plans for a major expansion. Since then, however, they have closed several stores.

Efforts to establish Dunkin’ in the Netherlands in the 1990s also failed.