Fans of the ice cream brand were concerned about its fate as Rite Aid locations across the country shut down.
WASHINGTON — Rite Aid’s bankruptcy proceedings have led to the sale of Thrifty Ice Cream.
Hilrod Holdings was named the successful bidder to acquire the ice cream brand from the nationwide pharmacy chain, according to recently filed court documents. The $19.2 million sale was approved July 1 by a federal bankruptcy judge, court documents show.
Hilrod Holdings is linked to Hilton Schlosberg and Rodney Sacks, who until recently were co-CEOs at the energy drink company Monster Beverage Corporation. Sacks stepped down from his position as co-CEO in mid-June.
It’s not immediately clear what Hilrod Holdings specifically has planned for the ice cream brand.
Hundreds of Rite Aid stores had Thrifty Ice Cream counters in them, especially on the west coast. With the pharmacy chain planning for all its locations to eventually close or be sold to a new owner, the ice cream stands are also shuttering.
What is Thrifty Ice Cream?
Thrifty began out of a small factory in West Hollywood, California, in 1940. It was sold exclusively at the now-defunct Thrifty Drug Store chain, according to the ice cream company’s website.
In 1996, the brand was bought up by Rite Aid, which has maintained the counters at many of its stores for decades.
It has been beloved for years by customers looking for a cheap dessert, with each scoop costing an average of $2.50, according to LA Eater.
Amid Rite Aid’s bankruptcy proceedings, Thrifty’s website removed its store locator so it’s not clear how many ice cream counters remain.
Rite Aid said it planned to keep its pharmacy stores open for the next few months as it tries to sell off assets.