LOS ANGELES – The new owners of Thrifty Ice Cream announced plans to expand the brand after it was plucked from the remnants of the Rite Aid bankruptcy.
Hilrod Holdings said that they “plan to revitalize Thrifty without altering the core of what made it unforgettable for over 85 years” in an Aug. 7 press release.
Hilrod was named the successful bidder for the ice cream maker in court documents filed June 26. The transaction was approved July 1 by a federal bankruptcy judge in New Jersey, according to court documents.
The holding company, tied to Monster Beverage Corporation executives Hilton Schlosberg and Rodney Sacks, paid $19.2 million for the purchased assets, according to court documents. Sacks resigned as co-CEO in June ahead of retiring from the company, while Schlosberg would continue as CEO, according to SEC filings.
“The new ownership group brings deep experience with a goal of preserving and elevating the brand,” the press release reads. “This acquisition marks a significant return for a brand that many feared had melted into history.”
What’s next for Thrifty Ice Cream?
The press release stated that the ice cream will remain on the shelves of current retailers with expanded distribution beginning in “the fall.”
Original recipes will remain in tact with new flavors and packaging options to be introduced, though the press release did not provide details on when the new options will hit store shelves.
Hilrod will invest in the modernization of manufacturing and logistics to “ensure quality, availability, and long-term growth,” according to the press release.
“What began as a pharmacy counter staple has become a cornerstone of West Coast nostalgia. Now, it’s positioned to become a modern-day legacy; one scoop at a time,” the press release reads.
Thrifty Ice Cream began when Thrifty Drug Store owners Harry and Robert Borun and Norman Levin started producing ice cream to sell at their chain’s soda fountain, according to its website.
According to Thrifty, the ice cream reached “cult status” on the West Coast by the 1970s and had “significant celebrity shoutouts.”
Contributing: Melina Kahn – USA TODAY
This article originally appeared on USA TODAY: Thrifty Ice Cream to expand under owners tied to Monster Energy
