Mastermind Toys buyers have lower than per week to redeem retailer reward playing cards.
The Canadian toy retailer introduced earlier this month that it had signed an asset buy settlement with Unity Acquisitions Inc.
Mastermind filed for creditor safety underneath the Firms’ Collectors Association Act (CCCA) on Nov 24.
Clients are actually being advised their reward playing cards is not going to be honoured on the firm’s 66 areas previous Christmas Eve.
“Reward playing cards is not going to be accepted after December 24 for the rest of the CCAA (Firms’ Collectors Association Act) course of, till the acquisition of Mastermind by Unity Acquisitions Inc. closes,” firm spokesperson David Ryan stated in an e mail to CBC Information.
Ryan stated this data is being communicated to prospects in-store.
On Wednesday, an indication taped to the door of Mastermind Toys in Coquitlam, B.C., introduced reward playing cards will solely be accepted till the tip of enterprise on Dec. 24.
Ryan stated he couldn’t verify if reward playing cards can be accepted once more as soon as the deal with Unity Acquisitions has closed, which is predicted to occur in January.
Mastermind is owned by Birch Hill Fairness Companions Administration Inc. and has been dealing with growing competitors, disruptions from the COVID-19 pandemic and extra lately, a deteriorating economic system that has prospects spending much less.
The Canadian toy retailer filed for creditor safety on Black Friday, a gross sales interval that’s usually a boon for retailers.
An Ontario courtroom granted Mastermind permission to liquidate shops.
The Toronto-based toy retailer says it will shut 18 of its 66 shops: 9 areas in Ontario, 4 in Alberta, two in New Brunswick and one every in B.C., Nova Scotia and Manitoba.
The complete retailer closure record is right here.
Unity Acquisitions Inc. is run by Joe Mimran, Frank Rocchetti and David Lui.
Mimran is greatest recognized for founding Membership Monaco, creating the Joe Contemporary model for grocer Loblaw Firms Ltd., and in more moderen years, serving to revive hat enterprise Tilley Endurables Inc. with Rocchetti.
In the meantime, Lui has frolicked at Canadian Tire Corp. Ltd.’s manufacturers Sport Chek and Mark’s, and is chief government of clothes retailer Equipment and Ace, which the trio additionally personal. The group additionally owns Casca Footwear, a premium shoe firm from Vancouver.
Mastermind and Unity didn’t disclose the monetary phrases of their deal.
The deal consists of nearly all of Mastermind Toys retailer areas and can permit a “important” portion of the corporate’s 800 workers to proceed with the enterprise.
In response to a launch, Mastermind Toys is the nation’s largest specialty toy and kids’s guide retailer and has been in enterprise since 1984.
