Beloved CA Ice Cream Brand May Yet Survive Rite Aid's Meltdown

Rite Aid's stores may be disappearing in California, but it appears its beloved Thrifty Ice Cream brand will live on.

As part of an ongoing bankruptcy process that involves Rite Aid closing at least half of its stores, the company recently reached a deal to sell Thrifty to an entity tied to two executives from energy drink giant Monster Beverage Corp. for $19.2 million, Law 360 reported.

Hilrod Holdings LP, controlled in part by CEO Hilton Schlosberg and former co-CEO Rodney Sacks, was the winning bidder for the ice cream brand, according to a court filing this week.

The court documents reveal no details about what Thrifty's new owners have in store for the iconic brand, which began in West Hollywood in 1940.

Thrifty, with its unusual square scoops, has become a cult favorite among generations of Southern Californians. Thrifty counters have been a part of many Rite Aid locations — some counters remain, though the company's website no longer lists locations.

Thrifty Ice cream has also been available in cartons in the frozen section at supermarkets across the Southland.

Rite Aid filed for Chapter 11 bankruptcy in October 2023 and again in May 2025. The second bankruptcy filing reveals that Rite Aid is liquidating most of its assets in a fire sale.

In total, 179 Rite Aid stores in California are planned to close, leaving just 68 stores remaining in the Golden State.

Rite Aid entered the latest bankruptcy with over $2 billion in debt, and it warned employees in May about potential job cuts.