The owner of FYE, Everest Toys, Sunrise Records, and HMV is adding a familiar giraffe to its portfolio.
Putman Investments, a family-owned, Canadian company, has entered into a deal to purchase Toys “R” Us (TRU) and Babies “R” Us Canada from affiliates of Fairfax Financial Holdings Ltd. In 2018, Fairfax took TRU Canada private as a standalone company following the collapse of TRU in the U.S. and abroad.
“Toys ‘R’ Us and Babies ‘R’ Us are extremely strong brands that have been in great hands over the past three years,” says Doug Putman, founder of Putman Investments. “Since its split from the U.S., we’ve watched the way in which the company has grown and focused on the Canadian customer. Much has been achieved and we’re excited to help to drive the business forward.”
According to Fairfax Chairman and CEO Prem Watsa, Fairfax will retain “substantially all” of the real estate acquired during the purchase of TRU Canada. The retention of those properties signals an ongoing relationship between Putman and Fairfax as TRU stores will continue to lease space going forward.