Mastermind Toys to be Acquired by Unity Acquisitions; 18 Stores to Close

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.

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.

Alberta

British Columbia

Manitoba

New Brunswick

Nova Scotia

Ontario