Rite Aid’s Thrifty ice cream brand gets sold to a business entity linked to Monster Energy executives

Rite Aid has selected a buyer for its Thrifty Payless subsidiary, which includes the Thrifty ice cream brand, according to a bankruptcy court filing. The buyer, Hilrod Holdings, is a limited partnership linked to top executives at Monster Beverage Corporation, Hilton Schlosberg and Rodney Sacks. Hilrod is seeking to pay $19.2 million for Thrifty's assets. Thrifty ice cream is currently available at scoop counters inside Rite Aid locations and is also sold by third-party retailers. It is unclear what Hilrod plans to do with Thrifty if the sale is approved by the court. A hearing on the matter is scheduled for June 30. Rite Aid filed for Chapter 11 bankruptcy protection for the second time in early May and is winding down its operations, closing or selling its physical stores, and selling off its prescription files to competitors. The fate of Thrifty ice cream has been uncertain since Rite Aid's bankruptcy announcement. The Thrifty brand has a long history, dating back to the 1950s in Los Angeles, where it was sold at soda fountain counters inside the Thrifty Drug Store chain. Rite Aid acquired Thrifty Payless in 1996, gaining ownership of the Thrifty brand. The sale of Thrifty Payless is pending court approval, and the outcome is still uncertain.