Mastermind closing 18 stores including Cambridge location
Mastermind has reached a deal to the sell the bulk of its business, saving the toy retailer from the brink of bankruptcy.
According to a press release, the deal will allow a “significant” portion of employees to continue on with the business.
However, 18 of Mastermind’s 66 locations will be closing.
One of those is the Cambridge store at 612 Hespeler Road.
The Canadian company announced an asset purchase agreement with Unity Acquisitions on Monday. The owners of that group include Frank Rocchetti, David Lui and Joe Mimran, who is best known as the founder of Club Monaco and Joe Fresh.
Details of the deal have not been released.
An Ontario court gave Mastermind permission to liquidate its stores last week and must be done by Feb. 29.
The other Ontario locations closing are:
- Ajax – 170 Kingston Road East
- Barrie – North Supercentre 488 Bayfield Street
- Hamilton – 2180 Rymal Road East
- Kingston – 2511 Princess Street
- Mississauga-Hurontario – 26 Eglinton Avenue West
- Owen Sound – 1969 16th Street East
- Sudbury – 1332 Kingsway Boulevard
- Vaughan – Colossus Centre 16 Famous Drive
-- With files from The Canadian Press
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