The university signed an agreement Friday with Krispy Kreme Doughnut Corp., allowing the corporate giant to open a store on the UCSD campus in the building currently inhabited by the Che Cafe.

The agreement will involve a one-year, multi-million dollar renovation of the building. The new Krispy Kreme will be open 24 hours a day and include a convenient drive-through window.

For the time being, the restaurant will be opening its doors beginning Friday morning and remain open for business for the rest of the quarter. The store will be closed while the building undergoes a complete renovation over the summer, and will reopen fall quarter.

The university will receive over $100,000 per year from the company in exchange for the space. This additional revenue will go toward badly needed administrative pay raises.

Members of the Che Cafe expressed outrage over the termination of their space agreement with the university.

University administrators said that the Che Cafe will be given new space on the campus once the campus life fee referendum passes this spring.

They added that the transition would be smooth, and that the Che would only be without space for a year or two.

Most students expressed excitement over the new store while five students staged a protest on Library Walk over the temporary loss of the Che Cafe.

“”This is a terrible example of ongoing corporate greed on this campus,”” one demonstrator said. “”We are completely student-run and the university is basically closing us down. It is just another in a series of steps taken against us over the past three years.””

Passersby, however, had their own opinions about the new project.

“”This will be a great use of space that is basically going unused,”” said Warren junior Sandra Collins. “”I can’t wait until we can get fresh Krispy Kremes on campus. And I also think it’s great that we’ll be generating revenue for the administration.””