Ice cream chain competition is fierce as Dunkin Brands' (DNKN) Baskin Robbins, Cold Stone Creamery, Haagen-Dazs, Marble Slab Creamery and Ben & Jerry's, dominate the space. Certain burger chains, such as Dairy Queen, Sonic and Culver's, also have long-established popularity with their ice cream offerings.
It's still difficult for burger chains to top the pure ice cream chains as huge Baskin Robbins had 2,376 locations in 2023, according to data firm ScrapeHero, Cold Stone Creamery had 998 locations in the U.S. as of Jan. 25, 2024, the data firm also revealed.
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General Mills' (GIS) Haagen-Dazs has over 900 locations in 50 countries, according to the company's parent and cereal maker's website, and Fat Brands (FAT) affiliate Marble Slab Creamery had over 395 locations in 22 states, according to the parent company website. Ben & Jerry's number of locations were unclear, but software company Rentech Digital claimed the company had over 200 locations in 2021, Eat This, Not That reported.
The ice cream business hasn't been too friendly to some companies. Friendly's restaurant chain, which specialized in its ice cream business, battled both restaurant and ice cream rivals before making its first trip to bankruptcy in 2011. The company was sold five years after that bankruptcy, but would face financial distress caused by the Covid pandemic and filed Chapter 11 bankruptcy a second time in November 2020.
Friendly's seeks Texas franchises
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 looking to expand as it said in a February 2024 statement that the company is looking for Texas entrepreneurs to open multiple locations to extend its franchise network outside of its Northeast market.
"Friendly's has the potential to be a beloved brand on a national scale in the way that it already is on the East Coast," Sherif Mityas, CEO of Brix Holdings LLC, said in a statement. "We know there are business owners out there, especially in states like Texas, who understand the legacy, impact and opportunities Friendly's will bring to new communities. For more than eight decades, the brand has continued to grow and evolve with today's culture. The company's longevity and resilience proves its opportunities are limitless and the concept can go far with the right entrepreneur."
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While one former distressed ice cream brand may have recovered, another longtime regional ice cream brand has fallen into bankruptcy.
Oberweis Ice Cream and Dairy to reorganize in bankruptcy
The iconic operator of Oberweis Ice Cream and Dairy retail stores in the Midwest, which was founded in 1927, on April 12 filed for Chapter 11 bankruptcy to reorganize its business.
Oberweis is a throwback to the heyday of dairies as it still sells its milk in glass bottles and offers home delivery of its dairy products in Illinois, Indiana, Michigan, Missouri, North Carolina, Virginia and Wisconsin.
Founder Peter Oberweis became a partner in Big Woods Dairy in 1927, took full ownership in 1930 and renamed it Oberweis Dairy. The company, which opened its first ice cream shop in 1951, currently operates 43 Oberweis Ice Cream and Dairy retail locations in Illinois, Indiana, Michigan and Missouri.
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The North Aurora, Ill.-based ice cream and dairy retailer listed $10 million to $50 million in assets and liabilities in its petition. The debtor listed about $4 million owed to its top 20 unsecured creditors that included Penske Truck Co. and food safety company EcoLab as well as over $173,000 to the Cook County Treasurer, Chicago NBC affiliate WMAQ reported.
