Mastermind is shutting down these nine stores in Ontario and hosting an extensive liquidation sale.
Mastermind has unveiled additional information regarding the permanent closure of select locations following its declaration of entering creditor protection last week. For those who hold cherished childhood memories associated with this Toronto-based toy and game retailer, it’s disheartening to learn that 18 out of its 66 stores will be shutting down permanently.
The chain attributes these closures to insurmountable challenges, citing factors such as heightened competition, disruptions stemming from the COVID-19 pandemic, and, more recently, a deteriorating macro-economic environment.
The majority of these closures are concentrated in Ontario, supplemented by four in Alberta, two in New Brunswick, one in British Columbia, one in Nova Scotia, and one in Manitoba.
In tandem with these closures, liquidation sales are set to take place at the affected locations, featuring storewide discounts of up to 30 percent, as promoted by the chain.
In Ontario, patrons can participate in the sale and bid farewell to their nearby Mastermind store at the following locations:
- 170 Kingston Rd. E in Ajax
- 488 Bayfield St. in Barrie
- 612 Hespeler Rd. in Cambridge
- 2180 Rymal Rd. E in Hamilton
- 2511 Princess St. in Kingston
- 26 Eglinton Ave. W in Mississauga
- 1969 16th St. E in Owen Sound
- 1332 Kingsway Blvd. in Sudbury
- Colossus Centre 16 Famous Dr. in Vaughan
Meanwhile, Unity Acquisitions Inc. has assumed control of the remaining stores to ensure the continuity of the brand, recognized as the largest independent specialty toy and children’s book retailer in Canada.
As revealed in a press release on Monday, a “significant portion of employees” is expected to retain their positions as the company endeavors to “enhance and grow” the retailer.
Established in Toronto in 1943, Mastermind holds an iconic status in the youthful memories of many Canadian millennials. Despite the challenges posed by the digital era, it successfully outlasted local competitors like Toys, Toys, Toys.
The sale at the mentioned locations commenced on December 1 and will continue throughout the holiday season. For a comprehensive list of the stores facing closure, you can refer to Mastermind’s website.
