The Mastermind Toys store in Owen Sound is reportedly one of 18 locations across Canada set to close as the struggling retailer enters into a sale agreement.
According to a statement from the company, Unity Acquisitions has agreed to acquire most of Masterminds’ assets, allowing many of the toy retailer’s 66 stores to stay open across Canada.
The deal is expected to close in January.
But 18 stores are not part of the transaction, and Mastermind Toys has obtained court approval to conduct liquidation sales which will continue through the holiday season.
The Mastermind location on 16th Street East in Owen Sound — in the Walmart/Home Depot Plaza — is among the stores that will be shutting its doors.
Mastermind filed for bankruptcy protection from its creditors in late November due to financial troubles, a release explains.
