Mastermind GP Inc. is telling customers 18 of its stores are due to close as the company continues with the creditor protection process. The Toronto-based toy retailer says the stores closing include nine locations in Ontario, four in Alberta, two in New Brunswick and one each in B.C., Nova Scotia and Manitoba. A customer walks into Mastermind Toys store on Queen St. East in Toronto on Tuesday, September 19, 2017. THE CANADIAN PRESS/Chris Donovan
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 store now liquidating in Alberta, including one in Medicine Hat
Financial terms of the asset purchase agreement signed by the Toronto toy retailer and Unity owners Joe Mimran, Frank Rocchetti and David Lui 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 that the deal involves locations not listed in court documents on Nov. 30 that began liquidation process on Dec. 1.
Among those locations were outlets 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.
This report by The Canadian Press was first published Dec. 4, 2023.
