Yarnell’s Assets Sold For $1.3 Million (Updated)

A Searcy manufacturer, Schulze and Burch Biscuit Co., has acquired the assets of bankrupt Yarnell’s Ice Cream Inc. for $1.3 million and a local economic developer says there are plans in the works to re-open the operations as an ice cream maker.

Schulze and Burch were the winning bidders at an auction held Wednesday (Nov. 30) in Searcy.

The Searcy Daily Citizen reports:

The manufacturer, Schulze & Burch Biscuit Company, purchased the necessary property to continue to manufacture ice cream under the Yarnell’s name.

Searcy Chamber of Commerce President Buck Layne was at the auction and said he was happy with how it turned out.

“[The chamber] is pleased with what happened today,” Layne said. “Just the idea of a company coming back in and producing ice cream will be wonderful thing for the city of Searcy. We look forward to getting people back to work.”

Layne later told local media that Schulze & Burch were planning on re-opening  the closed facility to sell ice cream, but he was unaware of a timetable for the relaunch.

Ownership of Yarnell’s recipes and trademarks was a little more complicated. According to the Citizen:

The Yarnell’s recipes were first purchased for $2,400 by David Davison of Marshall, who is a heating and air conditioning contractor. The Yarnell’s trademark was purchased by Rogers Yarnell for $18,500, but it would later be included in the purchase of the property by Schulze & Burch. Jeff Holtz with Creamery Concept, LLC. purchased the trademark and recipes to the “Guilt Free” Yarnell’s line for a combined $14,500.

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Yarnell’s announced in June that it would cease operations and search for a buyer for the fourth-generation family ice cream manufacturer. Yarnell’s filed for Chapter 7 bankruptcy in late August citing $15.7 million in liabilities and $8 million in assets.