The Canadian retailer Mastermind Toys is to sell the majority of its business to Unity Acquisitions, retaining hundreds of employees across 48 stores.
CBC News has reported that Mastermind Toys has reached an agreement to sell most of its business to Unity Acquisitions Inc., after the Canadian speciality toy retailer filed for creditor protection on 24th November.
The deal includes 48 stores, with only 18 set to shutter – good news for a ‘significant’ number of the approximately 800 Mastermind employees whose roles now look to be secured. It is currently unknown how many jobs will go as part of the slate of closures.
Unity Acquisitions has a strong foothold in the fashion industry, leading some to speculate that the move signifies diversification intentions. Collectively, owners Joe Mimran and Frank Rocchetti and David Lui are involved with brands including Kit and Ace, Casca Footwear, Tilley Endurables and more.
Mastermind stores slated for closure include nine locations in Ontario, four in Alberta, two in New Brunswick and one each in B.C., Nova Scotia and Manitoba, according to CBC News. However, the retailer has told its customers that its holiday sales and promotions will continue for the time being and that it is to introduce an extended holiday return and exchange policy for purchases made online and in those stores remaining open.
“The acquisition aligns with Unity’s strategy to enhance and grow extraordinary Canadian brands,” Joe Mimran said in a statement. “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.”