February 22nd, 2024

Toy retailer Mastermind to stop accepting gift cards after Christmas Eve

By The Canadian Press on December 21, 2023.

Mastermind says it will stop honouring gift cards after Christmas Eve.The interior of a Mastermind Toys store is seen in an undated handout photo.THE CANADIAN PRESS/HO-Mastermind Toys, *MANDATORY CREDIT*

TORONTO – Mastermind says it will stop honouring gift cards after Christmas Eve.

The distressed toy retailer says in court filings that gift cards won’t be accepted at its stores after Dec. 24.

The filings made with Ontario’s Superior Court of Justice show the chain’s customers hold about $5.6 million in outstanding gift cards.

However, Toronto-based Mastermind recently stopped selling and activating new cards.

The company filed for creditor protection last month, citing increasing competition and disruptions from the COVID-19 pandemic, which have become too significant to overcome. It plans to close at least 18 of its 66 stores as part of the filing.

In early December, a trio of retailer names including Joe Mimran banded together to buy the bulk of the company’s assets.

This report by The Canadian Press was first published Dec. 21, 2023.

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