Rituals to close all locations across the country
A spokesman close to the company confirmed that Rite Aid is once again in Chapter 11 bankruptcy.
News 12
LOS ANGELES – The new owner of Thrifty Ice Cream has announced plans to expand the brand after being pulled out of the wreckage of Rite Aid’s bankruptcy.
“We are planning to revitalize Thrifty without changing the core of what we’ve never forgotten for over 85 years,” Hilrod Holdings said in a press release on August 7th.
According to court documents, Hillrod was appointed as the ice cream maker bidder in court documents filed June 26th.
The holding company, linked to Monster Beverage Corporation executives Hilton Schlosberg and Rodney Sacks, paid $19.2 million on the assets they purchased, according to court documents. According to SEC filings, Sacks resigned as CO-CEO in June before resigning from the company, but Schlosberg continued as CEO.
“The new ownership group brings deep experience with the goal of preserving and enhancing the brand,” reads the press release. “This acquisition has brought great benefits to the brand that many feared and blended into history.”
What’s next for Thrifty Ice Cream?
The press release said ice cream will remain on the shelves of current retailers, whose distribution begins with “The Fall.”
The original recipe will continue to be tacted to introduce new flavors and packaging options, but the press release did not provide details on when the new options will hit store shelves.
According to a press release, Hillrod will invest in modernizing manufacturing and logistics to “ensure quality, availability and long-term growth.”
“What began as a pharmacy counter staple has become the cornerstone of West Coast nostalgia. Now it’s become a modern heritage. It’s one scoop at a time,” reads the press release.
According to its website, RIF about ice cream started when RIF about drug store owners Harry, Robert Born and Norman Levin began producing ice cream for sale at the chain’s soda fountain.
According to Thrifty, ice cream had reached “cult status” on the West Coast by the 1970s, with “critical celebrity screams.”
Contribution: Melina Kahn – USA TODAY
