Mastermind GP Inc. says it has reached a deal to sell the bulk of its business to Unity Acquisitions Inc.
Financial terms of the asset purchase agreement signed by the Toronto toy retailer and Unity owners Joe Mimran, Frank Rocchetti and David Lui were not disclosed.
The deal includes the majority of Mastermind Toys store locations and will allow a "significant" portion of employees to continue with the business.
The announcement comes as Mastermind has begun telling customers 18 of its stores are due to close as the company continues with the creditor protection process.
The stores closing include nine locations in Ontario, four in Alberta, two in New Brunswick and one each in B.C., Nova Scotia and Manitoba.
An Ontario court granted Mastermind permission to liquidate the stores last week, saying the sales must be wrapped up by Feb. 29.
This report by The Canadian Press was first published Dec. 4, 2023.
