Popular ice cream chain closes 947 stores due to Chapter 11 bankruptcy and is sold to owners of a famous energy drink
The near-100-year-old cylindrical summer treat could be coming to an end.
Another popular chain is closing down a huge number of stores in what feels like a repeated message, with plenty of our favourite chains unable to cope with rising costs across the world.
Thrifty Ice Cream has been plunged into a world of problems and will close close to 1,000 stores nationwide.
Rite Aid, currently undergoing its second Chapter 11 bankruptcy, has sold the Thrifty Ice Cream brand to Hilrod Holdings LP for $19.2 million.
For nearly a century in L.A., a trip to Thrifty’s meant a scoop-of that iconic, cylinder-shaped Thrifty Ice Cream.
— L.A. in a Minute (@LaInaMinute) May 8, 2025
But now that Rite Aid, current owner of Thrifty, will close its stores, fans are left wondering: what’s going to happen to Thrifty Ice Cream?!?
Let's get into it! pic.twitter.com/6jzD4PgxUW
Thrifty Ice Cream originated in 1940 as part of Thrifty Drug Stores in Southern California. After Rite Aid bought Thrifty in 1996, the cylinder-shaped scoops and old-fashioned counter experience quickly became hallmark features in hundreds stores that sprouted up across the country.
Despite Thrifty’s popularity, Rite Aid’s financial woes, that reached $8.6 billion in debt amid growing competition, led to almost 1,000 store closures, culminating in Rite Aid having no other option but to jettison the cones and swirls.
Great question. Hilrod is a partnership that has ties with both Hilton Schlosberg and Rodney Sacks, big-wigs at the energy drink company Monster Beverage Corporation. The deal has been approved by the bankruptcy court and now separates Thrifty from the struggling Rite Aid chain, which faced huge competition and mounting debt.
Under Hilrod’s ownership, Thrifty’s future is uncertain but there are hopes the brand will not melt away. For now, Thrifty’s packaged ice cream will remain available in select supermarkets and outlets, including some locations in Mexico.
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