Ailing toy retailer Mastermind GP Inc. says it has reached a deal to sell the bulk of its business to a company representing three big names in the Canadian retail world.
The Toronto-based chain announced Monday that it has signed an asset purchase agreement with Unity Acquisitions Inc., a company run by Joe Mimran, Frank Rocchetti and David Lui.
Mastermind and Unity did not disclose the financial terms of their deal, which is still subject to court approval but is expected to close in January.
The deal includes the majority of Mastermind Toys store locations and will allow a “significant” portion of the company’s 800 employees to continue with the business.
A representative for Mastermind Toys said the exact number of jobs impacted by the closures has not been finalized. The company also declined an interview with CBC News.
“The acquisition aligns with Unity’s strategy to enhance and…