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Canada  + Alberta & Prairies  + Maritimes  + Ontario  + Pacific Canada  + Retail  | 
Unity Acquisitions has completed its court-monitored purchase of Mastermind Toys.

Most Mastermind Store Closures in Ontario: Report

Most of Mastermind Toys’ forthcoming store closures will occur in Ontario, Global News reported.

Financially troubled Mastermind has announced plans to close 18 stores after agreeing to sell most of its stores to Unity Acquisitions for an undisclosed price. The 18 stores slated for closure are not part of the agreement and their assets will be liquidated.

Global reported that the closures will affect outlets in some Greater Toronto Area cities, including Vaughan, Ont., and Mississaugua, Ont., as well as Hamilton and smaller communities in Ontario. According to a list published by Global, the company will close nine locations in Ontario, four in Alberta, two in New Brunswick and one each in B.C., Nova Scotia and Manitoba.

Those figures jibe with numbers reported by the Canadian Press. The wire service said Mastermind has advised customers of the forthcoming location closures, which are not expected to occur until after the peak holiday season.

Mastermind’s prospective new owner Unity is owned by prominent Canadian retail investors Joe MimranFrank Rocchetti and David Lui. The sale is being conducted as part of bankruptcy protection proceedings and must be approved the Ontario Superior Court of Justice.

Alvarez & Marsal is serving as the court monitor.

Photo: JHVEPhoto / Shutterstock.com

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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