Mastermind Toys operates a network of 66 stores across Canada. Credit: Jshaheen2021/commons.wikipedia.org.

Canada’s independent speciality toy and children’s books retailer Mastermind GP and Mastermind LP (Mastermind Toys) filed and obtained an initial order for creditors’ protection on 23 November 2023.

The retailer sought protection under the Companies’ Creditors Arrangement Act (CCAA) from the Ontario Superior Court of Justice (Commercial List) in Toronto.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The network of 66 Mastermind Toys stores will continue to operate during the process.

The retailer’s existing sales and holiday promotions, including its Black Fri-Play event, will also remain applicable in stores and online.

Mastermind Toys stated in a press release: “The difficult but necessary decision to seek creditor protection under the CCAA was made following careful evaluation of available alternatives and in consultation with legal and financial advisors.

See Also:

“Over the past several years, Mastermind Toys has faced a range of challenges including increasing competition, disruptions from the Covid-19 pandemic and more recently a deteriorating macro-economic environment.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Despite implementing a series of operational improvements and cost reductions and undertaking an extensive strategic review and conducting a robust sale process, the challenges facing the company’s business have become too significant to overcome.”

Mastermind Toys will seek the court’s authorisation to initiate the closure of an initial group of stores, then explore strategic alternatives for the remainder.

At a hearing scheduled for 30 November 2023, Mastermind Toys intends to seek additional relief from the court.

Accounting company Alvarez & Marsal Canada has been appointed to monitor the CCAA.