Iconic Ice Cream Brand Files for Chapter 11 Bankruptcy
The competition in the ice cream industry is intensifying, with major players like Dunkin Brands’ Baskin Robbins, Cold Stone Creamery, Haagen-Dazs, Marble Slab Creamery, and Ben & Jerry’s dominating the market. Traditional burger chains such as Dairy Queen, Sonic, and Culver’s also enjoy established popularity thanks to their ice cream offerings. However, it remains a challenge for these burger chains to compete with dedicated ice cream brands.
According to data from ScrapeHero, Baskin Robbins had 2,376 locations in the U.S. in 2023, while Cold Stone Creamery boasted 998 locations as of January 25, 2024. General Mills’ Haagen-Dazs operates over 900 locations across 50 countries, as detailed on the company’s website. Additionally, Fat Brands’ Marble Slab Creamery has over 395 locations in 22 states. The exact number of Ben & Jerry’s locations is unclear, but a 2021 report by Rentech Digital estimated over 200 locations.
The ice cream sector has not been kind to all its participants. The Friendly’s restaurant chain, known for its ice cream, struggled against both restaurant and ice cream competitors, ultimately filing for bankruptcy for the first time in 2011. After being sold five years later, the chain faced financial difficulties again during the COVID-19 pandemic, leading to a second Chapter 11 bankruptcy filing in November 2020.
In January 2021, Amici Partners Group and its affiliate, Brix Holdings, acquired 130 corporate-owned and franchised Friendly’s restaurants out of bankruptcy. Now, Brix Holdings is seeking to expand its footprint. In a February 2024 statement, the company announced its search for Texas entrepreneurs interested in opening multiple Friendly’s locations to broaden its franchise network beyond the Northeast.
“Friendly’s has the potential to be a beloved brand on a national scale, just as it is on the East Coast,” said Sherif Mityas, CEO of Brix Holdings LLC. “We know there are business owners out there, especially in states like Texas, who recognize the legacy, impact, and opportunities Friendly’s can bring to new communities. For over eight decades, the brand has continued to grow and evolve with today’s culture. Its longevity and resilience demonstrate that its opportunities are limitless, especially with the right entrepreneur at the helm.”
While one formerly distressed ice cream brand looks to bounce back, another long-standing regional brand has unfortunately succumbed to bankruptcy.
