Sale of Mastermind GP doesn’t have any effect on liquidating store in Medicine Hat

By MEDICINE HAT NEWS on December 5, 2023.

https://www.medicinehatnews.com@MedicineHatNews

TORONTO

Mastermind GP Inc. says it has reached a deal to sell the bulk of its business to Unity Acquisitions Inc., but that doesn’t involve four stores now liquidating in Alberta, including one in Medicine Hat.

Financial terms of the asset purchase agreement signed by the Toronto toy retailer and Unity were not disclosed.

The deal includes the majority of Mastermind Toys store locations and will allow a “significant” portion of employees to continue with the business. A press release from Unity states the deal involves locations not listed in court documents on Nov. 30 that began liquidation process on Dec. 1.

Among those locations were outlets in Medicine Hat, Lethbridge, Red Deer and the Windermere location in Edmonton.

Also closing are nine locations in Ontario, two in New Brunswick and one each in B.C., Nova Scotia and Manitoba.

The announcement comes as Mastermind has begun telling customers 18 of its stores are due to close as the company continues with the creditor protection process.

An Ontario court granted Mastermind permission to liquidate the stores last week, saying the sales must be wrapped up by Feb. 29.