The outlook for Mastermind Toys is better today than it was on Black Friday.
Following the news that Mastermind GP and Mastermind LP had filed for Creditor Protection ahead of the biggest shopping weekend of the year, the owners of Mastermind Toys have entered into an asset purchase agreement with Unity Acquisitions.
Launched this year by Canadian retail veterans Joe Mimran, Frank Rocchetti, and David Lui, Unity Acquisitions recently acquired Kit and Ace and Casca Footwear.
Mastermind Toys is a beloved Canadian retailer with a loyal customer base driven by quality, curiosity, and play. The acquisition aligns with Unity's strategy to enhance and grow extraordinary Canadian brands."
According to Mimran, Unity plans to “take the brand and the business to the next level” as the company works to retain the majority of Mastermind Toys locations and staffers.
Unity says that it expects the deal to close in January following customary closing conditions, including final approval from the Ontario Superior Court of Justice (Commercial List) in Mastermind Toys’ ongoing proceedings under the Companies’ Creditors Arrangement Act.
It’s business as usual at most of Mastermind Toys’ 66 stores, though liquidation sales have begun at 18 of its locations.
Liquidations began on Dec. 1 and will continue through the holiday season.
Non-closing stores will see holiday sales and promotions continue with an extended return policy put in place to bolster consumer confidence.
Mastermind Toys Store Closing List
Alberta
- Lethbridge • 1250 2A Avenue North
- Medicine Hat • 1840 Strachan Road SE
- Red Deer • 5250 22nd Street
- Windermere Currents • 5236 Windermere Boulevard NW
British Columbia
- Prince George • 3034 Recplace Drive
Manitoba
- Kildonan • 1561 Regent Avenue West
New Brunswick
- Fredericton • 38 Trinity Avenue
- Saint John • 70 Consumers Drive
Nova Scotia
- Sydney • 20 Sydney Port Access Road
Ontario
- Ajax | 170 Kingston Road East
- Barrie | North Supercentre 488 Bayfield Street
- Cambridge • 612 Hespeler Road
- Hamilton • 2180 Rymal Road East
- Kingston • 2511 Princess Street
- Mississauga – Hurontario • 26 Eglinton Avenue West
- Owen Sound • 1969 16th Street East
- Sudbury • 1332 Kingsway Boulevard
- Vaughan • Colossus Centre 16 Famous Drive
