Toronto 
Mastermind Toys, a Canadian toy and children’s retail company with 66 stores nationwide has announced that it will close 18 stores.
Credit: Mastermind Toys
The move follows an asset purchase agreement with Unity Acquisitions Inc., owned by Canadian retail veterans Joe Mimran, Frank Rocchetti, and David Lui after the company filed for creditor protection on November 23rd. This agreement involves Unity purchasing the majority of Mastermind Toys’ store locations, with a substantial number of employees remaining with the company.
“Mastermind Toys is a beloved Canadian retailer with a loyal customer base driven by quality, curiosity and play,” said Joe Mimran in a news release.
“The acquisition aligns with Unity’s strategy to enhance and grow extraordinary Canadian brands. We are thrilled to have the opportunity to work with the team at Mastermind Toys and take the brand and the business to the next level.”
The completion of this transaction is contingent upon various conditions, including approval from the Ontario Superior Court of Justice, as part of Mastermind’s restructuring under the Companies’ Creditors Arrangement Act. The deal is anticipated to close in January 2024.
Concurrently, holiday sales and promotions continue at all Mastermind Toys locations. Mastermind Toys is also introducing an extended holiday return and exchange policy for purchases made online and in-stores, excluding the 18 stores conducting liquidation sales.
These 18 stores, not included in the Unity acquisition, began liquidation sales on December 1, 2023, as part of a separate initiative approved by the Court. These sales are set to continue throughout the holiday season.
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List of Stores Closing:
Alberta:
- Lethbridge — 1250 2A Avenue North
- Medicine Hat — 1840 Strachan Road SE
- Red Deer — 5250 22nd Street
- Edmonton — 5236 Windermere Boulevard NW
British Columbia:
- Prince George — 3034 Recplace Drive
Manitoba:
- Winnipeg — 1561 Regent Avenue West
New Brunswick:
- Fredericton — 38 Trinity Avenue
- Saint John — 70 Consumers Drive
Nova Scotia:
- Sydney — 20 Sydney Port Access Road
Ontario:
- Ajax — 170 Kingston Road East
- Barrie — North Supercentre 488 Bayfield Street
- Cambridge — 612 Hespeler Road
- Hamilton — 2180 Rymal Road East
- Kingston — 2511 Princess Street
- Mississauga — 26 Eglinton Avenue West
- Owen Sound — 1969 16th Street East
- Sudbury — 1332 Kingsway Boulevard
- Vaughan Colossus Centre 16 Famous Drive
Mastermind: The Educational Computer Store was founded in Toronto in 1984 as an educational computer store, expanding to offer a wide range of toys, games, and books. Known for its large selection and customer feedback-driven approach, the company grew to 10 locations by the 1990s. In the 2000s, it rebranded as Mastermind Toys.
