Unity to purchase the majority of Mastermind Toys store locations across Canada
All 66 stores remain open during the holiday season with sales and holiday promotions
continuing in stores and online
Store closure sales at a sub-set of Mastermind Toys locations have commenced
TORONTO, Dec. 4, 2023 /CNW/ – Mastermind GP Inc. and Mastermind LP (the “Company” or “Mastermind Toys”), the largest independent specialty toy and children’s book retailer in Canada, announced today that it has entered into an asset purchase agreement with Unity Acquisitions Inc. (“Unity”), a company owned by Canadian retail pioneers Joe Mimran, Frank Rocchetti and David Lui. The transaction will ensure a thriving future for Mastermind Toys.
Under the terms of the transaction, Unity will purchase the majority of Mastermind Toys store locations and see a significant portion of employees continuing with the business. “Mastermind Toys is a beloved Canadian retailer with a loyal customer base driven by quality, curiosity and play,” said Joe Mimran. “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 transaction is subject to certain closing conditions, including approval from the Ontario Superior Court of Justice (Commercial List) (the “Court”) in the Company’s ongoing proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). The transaction is expected to close in January 2024.
Holiday Sales and Extended Return Policy
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, other than at the 18 stores conducting liquidation sales.
Liquidation Sales at a Sub-Set of Stores
On November 30, 2023, Mastermind Toys obtained Court approval to conduct liquidation sales at 18 of its store locations. The liquidation sales commenced December 1, 2023, and continue through the holiday season. The liquidating stores are not part of the transaction described above and are not included in the extended holiday return policy.
Information related to the CCAA proceedings are available on the Monitor’s case website at www.alvarezandmarsal.com/Mastermind.
About Mastermind Toys
Mastermind Toys is Canada’s Authority on Play and is the country’s largest specialty toy and children’s book retailer, with 66 stores coast-to-coast and a wonder-filled website. It has a proud 39-year heritage of being the educational toy store, supporting kids, parents, grandparents, educators and gift givers by offering a curation of toys and books that help with the development of a child’s mind, body and expression. Its purpose is to inspire generations of lifelong learners through the power of play, with a philosophy that “Play is Kids’ Work.”
About Unity Acquisitions Inc.
Unity Acquisitions Inc., established in 2023, is led by industry veterans Joe Mimran, Frank Rocchetti, and David Lui. Renowned for their extensive knowledge and passion for retail, product design and branding. Unity recently acquired Kit and Ace and Casca Footwear. In addition to Unity, Joe Mimran and Frank Rocchetti oversee the growth of Tilley Endurables Inc., transforming it from a venerable hat brand to a comprehensive apparel brand, available in Canada, the US, the UK, and Australia. In 2020, they introduced Rise Little Earthling, an organic line for babies and toddlers sold across Canada and the US. Joe Mimran is the founder of Joe Fresh, and has also recently collaborated with Staples Inc. to create Gry Mattr by Joe Mimran, a collection of thoughtfully designed office and travel pieces. David Lui is the CEO of Kit and Ace and has over 30 years of entrepreneurial and retail experience with global brands. He is known for his award-winning brand transformations and has a strong passion for scaling businesses.
For further information:
David Ryan
Edelman Smithfield
[email protected]
416-455-1927
SOURCE Mastermind Toys
