Rite Aid's Thrifty ice cream brand gets sold to a business entity linked to Monster Energy executives
Rite Aid has selected a successful bidder for its Thrifty Payless subsidiary, which includes the beloved Thrifty ice cream brand, according to a bankruptcy court filing on Thursday.
The buyer was identified as Hilrod Holdings, a limited partnership linked to Hilton Schlosberg and Rodney Sacks, top executives at the energy drink company Monster Beverage Corporation. Hilrod is seeking to pay $19.2 million for Thrifty's assets, the filing revealed. The partnership is mostly known for its real estate investments
Thrifty ice cream is available at scoop counters located inside many Rite Aid locations in addition to being sold by third-party retailers. It was not immediately clear what Hilrod plans to do with Thrifty should the sale be approved by the court. A hearing on the matter is scheduled for June 30.
Fast Company reached out to a lawyer for Hilrod Holdings, and representatives for Monster Beverage and Rite Aid for comment. We will update this story if we hear back.
Schlosberg and Sacks had until recently been co-CEOs of Monster Beverage. A filing with the Securities and Exchange Commission (SEC) revealed that Sacks planned to retire this month, while Schlosberg would continue to lead the company.
Thrifty Ice Cream caught up in Rite Aid's bankruptcy
The fate of Thrifty ice cream has been uncertain since Rite Aid announced in early May that it would see Chapter 11 bankruptcy protection for a second time. The embattled pharmacy chain is winding down its operations, closing or selling its physical stores, and has sold off most of its prescription files to competitors, including CVS and Walgreens.
The Thrifty brand stretches back decades in Los Angeles, where it was sold at soda fountain counters inside the Thrifty Drug Store chain. It became part of Rite Aid through Rite Aid's purchase of Thrifty Payless in 1996.
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