Financially troubled Canadian retailer Mastermind Toys has agreed to sell most of its stores to Unity Acquisitions for an undisclosed price.

Unity is owned by prominent Canadian retail investors Joe Mimran, Frank Rocchetti and David Lui.

“Mastermind Toys is a beloved Canadian retailer with a loyal customer base driven by quality, curiosity and play,” said Mimran in a news release. “The acquisition aligns with Unity’s strategy to enhance and grow extraordinary Canadian brands.”

The sale is expected to close in January, pending approval from the Ontario Superior Court of Justice and other conditions.

The deal comes after Toronto-based Mastermind filed for bankruptcy protection  under the Companies’ Creditor Protection Act and sought to close some stores. Mastermind received court permission November 30 to close 18 stores, which are conducting liquidation sales and will not be part of Unity’s purchase.

All of Mastermind’s 66 stores remain open during the peak holiday shopping season. Toronto-based Alvarez & Marsal is serving as the court monitor during the sale process.

According to the Canadian Press, Mimran’s accomplishments include founding Club Monaco and reviving the Tilley hat business with Rochetti. Lui is the CEO of trio’s Kit and Ace clothing chain.

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