Latest news with #ThriftyIceCream
Daily Mail
2 days ago
- Business
- Daily Mail
Rite Aid bankruptcy poses MAJOR threat to beloved ice cream chain
Thrifty Ice Cream is shuttering 500 locations following Rite Aid's second bankruptcy filing. The West Coast ice cream brand will be closing hundreds of its counters inside Rite Aid stores as a way for the pharmacy chain to move forward with restructuring. Part of the restructuring includes auctioning off intellectual property after closing over 20 California stores. Thrifty and its 49-year-old El Monte factory are part of that property. Founded in 1940, the brand launched as a drug store in downtown Los Angeles that allowed customers to sample ice cream. The ice cream gained a cult status by the 1970s and garnered 'significant celebrity shoutouts.' Rite Aid completed a $2.3 billion acquisition of the chain in 1996 and began operating over 500 Thrifty Ice Cream locations in its stores soon afterward, according to Fast Company. Thrifty will continue to operate standalone locations and sell prepackaged ice cream at retailers, but the Rite Aid closures could be a potential financial blow for the brand. Thrifty Ice Cream is famous for its unique flavors and its Chuck E. Cheese birthday cake collaboration. While it continues to be a popular brand in the Western US, it has found itself in danger before due to its connections with Rite Aid. Fans were concerned for the brand's future after Walgreens purchased thousands of Rite Aid stores in 2018. While the counters didn't close, Rite Aid had planned to sell Thrifty to Albertsons later that year, but the deal fell through. The brand was later in danger of massive closures after Rite Aid filed for bankruptcy in 2023. The chain shuttered 431 stores within six months after the filing, and its closure count rose to 511 by last June. It now has only 1,240 stores in the US, and it's expected to close hundreds of stores this year. States that have taken massive hits from Rite Aid closures include Pennsylvania, California, New York, New Jersey, and Michigan. The Thrifty name will not go away, but it will be sold off at an auction on June 20. The deadline for buyers interested in bidding on the brand is June 13. Neil Saunders, a retail expert at GlobalData, told that Thrifty's future is 'uncertain' due to Rite Aid's closures, but anything could happen. 'Thrifty could be sold off when Rite Aid's assets go to auction but given one of its big channels of distribution is through Rite Aid stores it is not clear how it would make up for that loss,' he said. 'This would not necessary prevent someone from bidding for it, but it would suppress the value they might be willing to pay.' Rite Aid recently sold pharmacy assets to several retailers, and select Rite Aid and Bartell Drugs stores will now be operated by CVS. 'A key priority for Rite Aid is to ensure that as many of our loyal customers as possible continue to receive the pharmacy services and care they require without interruption,' said Rite Aid CEO Matt Schroeder. 'These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.'
Fast Company
3 days ago
- Business
- Fast Company
Thrifty Ice Cream closing? How Rite Aid's bankruptcy and store closures could ruin your favorite summer treat
If you're an ice cream fan, there's some bad news: One of America's most beloved ice cream brands may soon see hundreds of its in-store retail locations vanish just as summer is beginning. Thrifty Ice Cream counters, which are found in hundreds of Rite Aid locations in California and other states, are facing an uncertain future thanks to the pharmacy chain's most recent bankruptcy proceedings. Here's what you need to know. What is Thrifty Ice Cream? Thrifty Ice Cream is an ice cream brand that is owned by the Rite Aid pharmacy chain. The brand was originally founded in 1940 in Los Angeles, where it was sold from soda fountain counters inside the Thrifty Drug Store chain. The brand is iconic in Los Angeles and throughout California, where its cylindrical ice cream scoops are a summer staple for people who want to cool down with a sweet treat. As the Los Angeles Times reported in 2018, until 1975, a scoop of Thrifty's ice cream cost as little as five cents, and today scoops cost just a few dollars. In 1996, the Rite Aid pharmacy chain bought Thrifty PayLess Inc., the then-owner of the Thrifty pharmacy store and Thrifty ice cream, for $2.3 billion. After the acquisition, Rite Aid operated over 500 Thrifty Ice Cream counters inside its pharmacies, mainly in California. But now it is likely these Thrifty Ice Cream counter stores-within-a-store are closing. What will happen to Thrifty Ice Cream? Over the past several days, reports have emerged indicating that up to 500 Thrifty Ice Cream stores may close. When these reports mention 'stores' closing, they are referring to the Thrifty Ice Cream counters found in Rite Aid pharmacy locations. Rite Aid is currently undergoing its second bankruptcy in as many years, and the pharmacy chain has already announced plans to close hundreds of locations. It's important to note that this bankruptcy will mark the end of Rite Aid. All of its stores will either close or be sold to other owners. Locations that that ultimately remain open will no longer be Rite Aid stores. (For example, pharmacy giant CVS has said it will take over 64 physical Rite Aid stores in Washington, Idaho, and Oregon.) In 2018, the Los Angeles Times reported that Rite Aid operated more than 500 Thrifty Ice Cream stations; however, the pharmacy chain has significantly reduced its footprint since then, having gone through its first bankruptcy in 2023. Meanwhile, Thrifty Ice Cream's online store locator tool appears to be only partially functional as of the time of this writing, so the exact number of locations the brand has is unknown. Fast Company has reached out to Rite Aid for clarity on how many Thrifty Ice Cream counters are still in operation and what their fate will be amid the bankruptcy process. But just because Rite Aid is closing locations and filing for bankruptcy, that doesn't mean Thrifty Ice Cream is necessarily done for good. After selling off most of its pharmacy assets this month, Rite Aid is expected to hold an auction in June to sell its remaining assets, including the Thrifty brand and the Thrifty Ice Cream factory in El Monte, California. It's possible that a buyer could swoop in to scoop up the Thrifty Ice Cream brand. If so, any buyer may continue to operate Thrifty Ice Cream stores. The counters in the closing Rite Aid stores would no longer be an option, but a new buyer would be free to open Thrifty Ice Cream individual stores, or form partnerships with other pharmacies or retailers to run Thrifty Ice Cream counters in their stores. Thrifty Ice Cream also currently sells its ice cream at retailers including Vons and Albertsons. A buyer may choose to keep the brand alive through retail outlet sales alone. But for now, all this is just conjecture. We likely won't know the future of Thrifty Ice Cream until Rite Aid's bankruptcy is completed, or until next month's auction.
Economic Times
3 days ago
- Business
- Economic Times
85-year-old iconic ice cream chain Thrifty to close 500 stores as it goes bankrupt, fans mourn its cult status
Thrifty Ice Cream, the iconic 85-year-old brand loved by generations, is closing 500 in-store counters as Rite Aid files for bankruptcy. This emotional shift impacts thousands of fans who grew up with the brand's hand-scooped cones inside local Rite Aid stores. Though production continues in California, the walk-up counter experience is vanishing. Thrifty Ice Cream is closing 500 Rite Aid counters amid bankruptcy, ending a nostalgic era for many. Here's why it's happening, what fans are saying, and where you can still enjoy the iconic flavors despite the closures. Tired of too many ads? Remove Ads Why is Thrifty Ice Cream closing 500 stores? Tired of too many ads? Remove Ads Can you still buy Thrifty Ice Cream anywhere? 85-year-old iconic ice cream chain Thrifty to close 500 stores as it goes bankrupt, fans mourn its cult status Why do people care so much about Thrifty Ice Cream? What next for Rite Aid and Thrifty? Tired of too many ads? Remove Ads The story of Thrifty Ice Cream, an 85-year-old brand cherished across generations, has taken a heartbreaking turn. As part of Rite Aid's ongoing Chapter 11 bankruptcy proceedings, 500 Thrifty Ice Cream counters inside Rite Aid stores across the U.S. are shutting down, according to decision comes as Rite Aid, the parent company that owns Thrifty Ice Cream, works to wind down its operations in a major restructuring move. These closures mark a major shift for many fans who grew up visiting their local Rite Aid stores just for a scoop of Thrifty's famously affordable and nostalgic ice closure of 500 Thrifty Ice Cream counters is directly tied to Rite Aid's Chapter 11 bankruptcy, which began in 2023 and escalated into early 2025. Rite Aid is shutting down locations to manage debt, legal liabilities, and losses stemming from lawsuits related to opioid the ice cream brand itself is not bankrupt, the counters operating inside Rite Aid stores are now part of the asset wind-down plan. These counters have long been a familiar sight, especially in states like California, where Thrifty ice cream holds a near-cult move doesn't mean the end of Thrifty altogether—but the in-store counters, where fans once lined up for hand-scooped cones at budget-friendly prices, are vanishing Thrifty Ice Cream is still being produced at its factory in El Monte, California. That facility continues to churn out the signature flavors customers love—like Chocolate Malted Krunch and Butter Pecan—which are sold in pre-packaged cartons at select grocery stores and standalone shops across the West the hand-scooped counter experience—those chrome dipping cabinets, the flat-headed scoops, the $1.99 cones—is what many consider the true spirit of Thrifty. And that's what's going away with these 500 while you can still enjoy the ice cream itself, the classic Rite Aid in-store experience is many Americans, especially on the West Coast, Thrifty Ice Cream isn't just dessert—it's nostalgia in a brand began in 1940, originally part of Thrifty Drug Stores, which was later bought by Rite Aid in 1996. Over the decades, generations of families have made Thrifty Ice Cream part of their daily errands or weekend routines. The iconic cylinder-shaped scoops, low prices, and bold flavors made it a go-to treat for kids and adults media has been filled with reactions from fans mourning the closures. Some shared memories of buying cones after school, while others recalled first dates or family outings that began with a trip to the Thrifty Aid continues to restructure under Chapter 11, and more store closures could follow. As of early 2025, Rite Aid has already closed over 500 stores nationwide, and more are expected as the company tries to stay Thrifty Ice Cream, the production and distribution side still survives—but without its retail counters, the brand loses a big part of what made it no official word yet on whether Thrifty plans to reopen new standalone locations or expand its presence outside of Rite Aid. For now, fans will have to settle for packaged ice cream—and the memories of those chrome counters and scoops that once defined a simple American joy.
Time of India
4 days ago
- Business
- Time of India
85-year-old iconic ice cream chain Thrifty to close 500 stores as it goes bankrupt, fans mourn its cult status
Thrifty Ice Cream, a beloved American brand for 85 years, is closing 500 store counters as Rite Aid files for bankruptcy: The story of Thrifty Ice Cream, an 85-year-old brand cherished across generations, has taken a heartbreaking turn. As part of Rite Aid's ongoing Chapter 11 bankruptcy proceedings, 500 Thrifty Ice Cream counters inside Rite Aid stores across the U.S. are shutting down, according to TheStreet. This decision comes as Rite Aid, the parent company that owns Thrifty Ice Cream, works to wind down its operations in a major restructuring move. These closures mark a major shift for many fans who grew up visiting their local Rite Aid stores just for a scoop of Thrifty's famously affordable and nostalgic ice cream. Why is Thrifty Ice Cream closing 500 stores? The closure of 500 Thrifty Ice Cream counters is directly tied to Rite Aid's Chapter 11 bankruptcy, which began in 2023 and escalated into early 2025. Rite Aid is shutting down locations to manage debt, legal liabilities, and losses stemming from lawsuits related to opioid prescriptions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Malaysia: New Small Electric Car For Seniors. Prices Might Surprise You. Electric Cars | Search Ads Undo While the ice cream brand itself is not bankrupt, the counters operating inside Rite Aid stores are now part of the asset wind-down plan. These counters have long been a familiar sight, especially in states like California, where Thrifty ice cream holds a near-cult following. Live Events This move doesn't mean the end of Thrifty altogether—but the in-store counters, where fans once lined up for hand-scooped cones at budget-friendly prices, are vanishing fast. Can you still buy Thrifty Ice Cream anywhere? Yes, Thrifty Ice Cream is still being produced at its factory in El Monte, California. That facility continues to churn out the signature flavors customers love—like Chocolate Malted Krunch and Butter Pecan—which are sold in pre-packaged cartons at select grocery stores and standalone shops across the West Coast. 85-year-old iconic ice cream chain Thrifty to close 500 stores as it goes bankrupt, fans mourn its cult status However, the hand-scooped counter experience—those chrome dipping cabinets, the flat-headed scoops, the $1.99 cones—is what many consider the true spirit of Thrifty. And that's what's going away with these 500 closures. So, while you can still enjoy the ice cream itself, the classic Rite Aid in-store experience is disappearing. Why do people care so much about Thrifty Ice Cream? For many Americans, especially on the West Coast, Thrifty Ice Cream isn't just dessert—it's nostalgia in a cone. The brand began in 1940, originally part of Thrifty Drug Stores, which was later bought by Rite Aid in 1996. Over the decades, generations of families have made Thrifty Ice Cream part of their daily errands or weekend routines. The iconic cylinder-shaped scoops, low prices, and bold flavors made it a go-to treat for kids and adults alike. Social media has been filled with reactions from fans mourning the closures. Some shared memories of buying cones after school, while others recalled first dates or family outings that began with a trip to the Thrifty counter. What next for Rite Aid and Thrifty? Rite Aid continues to restructure under Chapter 11, and more store closures could follow. As of early 2025, Rite Aid has already closed over 500 stores nationwide, and more are expected as the company tries to stay afloat. For Thrifty Ice Cream, the production and distribution side still survives—but without its retail counters, the brand loses a big part of what made it special. There's no official word yet on whether Thrifty plans to reopen new standalone locations or expand its presence outside of Rite Aid. For now, fans will have to settle for packaged ice cream—and the memories of those chrome counters and scoops that once defined a simple American joy.
Mint
4 days ago
- Business
- Mint
This popular ice cream chain closing 500 stores. Here's why
A popular ice cream brand based in the United States is closing 500 of its stores nationwide, thanks to a move that resulted in collateral damage. Pharmacy company Rite Aid is filing for a Chapter 11 bankruptcy, resulting in the closure of 500 hand-scooped ice cream counters of Thrifty Ice Cream. The Rite Aid-owned company will thus bear the brunt of its parent going out of business, as per a report by The Street. When companies like Rite Aid file for bankruptcy, they are forced to close down other brands they own, even if they become successful on their own. Rite Aid currently has 500 pharmacies inside which there are counters of Thrifty Ice Cream. Thrifty gained popularity through the unique scoop it provides. Instead of a spherical scoop of ice cream, Thrifty Ice Cream is cube-shaped. It is also known for its innovative flavours. 'Thrifty ice cream was launched in 1940 at a small factory in West Hollywood. Angelenos soon flocked to the flagship Thrifty Drug Store in downtown Los Angeles to sample ice cream from the soda fountain. The high-quality, small-batch ice cream even snagged awards from the L.A. County Fair. By the 1970s, Thrifty ice cream had attained cult status along the West Coast, with significant celebrity shoutouts,' Thrifty says on its website. According to The Street, Thrifty outlets inside Rite Aid pharmacy stores have to close down mandatorily. Since the 500 Thrifty ice cream outlets are not outside Rite Aid stores and sells the products within the pharmacy's roofs itself, they cannot be sold as a separate asset. However, some franchised Thrifty ice cream outlets are not owned by Rite Aid. 'You can find Thrifty ice cream in the freezer section of your favorite retailers, like Rite Aid, Albertsons, Vons and more. You can also find it at scoop counters across California, Arizona and a growing number of regions in the U.S. and Mexico,' Thrifty website states. As part of Rite Aid's Chapter 11 bankruptcy, Thrifty Ice Cream will be sold as an asset. A buyer could choose to keep operating the brand, selling pints, quarts, and packaged ice cream to grocery chains. It can also choose to supply to the non-Rite Aid-owned ice cream counters. However, with Rite Aid's bankruptcy, Thrifty Ice Cream's future as a whole still remains uncertain.
