Mastermind Toys are closing 18 Canadian stores

The closures are attributed to a confluence of adverse factors that have impacted the company’s operations. Owned by Birch Hill Equity Partners Management Inc., Mastermind Toys has grappled with increasing competition within the retail sector.

The COVID-19 pandemic further exacerbated these challenges, disrupting business operations and consumer spending habits. More recently, the deteriorating economy has led to reduced customer spending, placing additional strain on the retailer’s financial health.

In a move to salvage what it can from this difficult situation, Mastermind Toys has reached an agreement to sell the bulk of its business to Unity Acquisitions. This deal promises to retain a “significant” portion of the company’s 800 employees, offering a glimmer of hope amidst the closures.

Unity Acquisitions, led by Joe Mimran, Frank Rocchetti, and David Lui, is known for enhancing and growing Canadian brands, suggesting a potential positive direction for the remaining Mastermind Toys stores…