Turbulence in the toy industry may have claimed another victim: Canada-based Everest Toys.
Founded in 1992, Everest became a leading distributor and manufacturer of toys, games, and gifts across North America. However, sources tell The Toy Book that staff members at the family-owned company were informed of its closure late last week before being locked out of its Ontario headquarters. Earlier this year, Everest’s 94,000-square-foot office and warehouse in Ancaster Business Park was listed for sale.
A disruption — or a complete stoppage — could send shockwaves through North American specialty retail. Everest is a distributor for companies of all sizes, including Hasbro, Mattel, Wizards of the Coast, The LEGO Group, and Blokees across thousands of accounts. The firm also manages acquired brands from Alex Global Products, Crazy Forts, and more.
Insiders, speaking on condition of anonymity, spin tales of a bank-initiated shutdown, broken loan covenants, frozen accounts, and retailers, vendors, and staff left in the dark. Reports also suggest the sudden closure may not be the end but the precursor to a restructuring that could see Everest return under a new name. The tumultuous U.S.-Canada trade climate adds further pressure, as tariffs and evolving policies continue to reshape the landscape for all players doing cross-border business, despite some recent cooling.
Behind the curtain, Everest has long served as the foundation for a greater group of companies under Putman Investments, led by entrepreneur Doug Putman. The portfolio includes Toys “R” Us Canada, Babies “R” Us Canada, Sunrise Records, HMV, FYE, and fellow distributor Famous Toys. Recent moves include the launch of Putman Publishing in the UK and acquisitions in Canadian fashion retail.
Not every venture has been a smash hit. The U.S.-based Alex Toys retail concept folded within 18 months. Rooms + Spaces, a home goods concept built on former Bed Bath & Beyond and buybuy Baby sites, came and went. T.Kettle, which once boasted 45 locations, now shows just one. In recent months, Toys “R” Us Canada has also reduced its store fleet.
At press time, Everest’s U.S. (Everest Toys) and Canadian (Everest Wholesale) websites remain online, though its phone number — active as recently as Saturday — has gone dark. Requests for comment have gone unanswered.
This is a developing story. The Toy Book will update coverage as more details emerge.
