CLOSURE: Mastermind stores in Mississauga and Hamilton closing down

Mastermind, Canada’s largest specialty toy and children’s book retailer, recently announced that locations in Mississauga and Hamilton will be among the nine Ontario stores set to close in the wake of the company’s financial challenges. 

Today, the company announced that it would close 18 stores in total, with nine locations in Ontario, four in Alberta, two in New Brunswick and three in B.C., Nova Scotia and Manitoba slated to shutter their doors.

According to the brand’s website, the Mississauga store in the Hurontario and Eglinton area (26 Eglinton Ave. W.) will close. The company will also shutter the Hamilton store at 2180 Rymal Rd. E. 

The brand is also closing locations in Ajax, Barrie, Cambridge, Kingston, Owen Sound, Sudbury and Vaughan. 

The company’s locations in Burlington, Oakville and Milton are unaffected by the closures, and the store will continue to operate its other Mississauga and Hamilton stores. 

Earlier today, Mastermind also announced that it 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.

An Ontario court granted Mastermind permission to liquidate the stores last week, saying the sales must be wrapped up by Feb. 29.

Late last month, Mastermind said all 66 stores across Canada will remain open for business throughout the holiday season. 

– With files from The Canadian Press