Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

hbspt.forms.create({ portalId: "6064756", formId: "bf5764dd-77b3-434c-8924-625d88fad42b" });

Sub Markets

Property Sectors

Topics

Canada  + Ontario  + Retail  | 
Unity Acquisitions has completed its court-monitored purchase of Mastermind Toys.

Unity to Acquire Most Mastermind Toy Stores

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 MimranFrank 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.

Photo: JHVEPhoto / Shutterstock.com

Connect

Inside The Story

Mastermind ToysAlvarez and Marsal

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.

New call-to-action