Mastermind is closing these 9 Ontario stores and having a huge liquidation sale
Mastermind has released new details about which of its locations will be shutting down permanently after the Toronto-based toy and game retailer revealed that it is going into creditor protection last week.
Canadians with fond childhood memories of the brand may be saddened to know that a total of 18 of its 66 stores will be closing their doors for good.
The chain blamed the closures on insurmountable challenges that include "increasing competition, disruptions from the COVID-19 pandemic, and more recently a deteriorating macro-economic environment."
The bulk of these closures will be in Ontario, along with four in Alberta, two in New Brunswick, one in B.C., one in Nova Scotia and one in Manitoba.
Along with the closures come, of course, liquidation sales at the impacted outposts, which will include storewide savings of up to 30 per cent off, the chain advertises.
In Ontario, customers can shop the sale and say goodbye to their local Mastermind at:
- 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 Misssissauga
- 1969 16th St. E in Owen Sound
- 1332 Kingsway Blvd. in Sudbury
- Colossus Centre 16 Famous Dr. in Vaughan
Meanwhile, Unity Aquisitions Inc. has taken over the remaining stores so that the brand, which is the largest independent specialty toy and children's book retailer in Canada, can continue.
According to a press release announcing the change of hands on Monday, a "significant portion of employees" will be able to retain their jobs as the firm works to "enhance and grow" the retailer.
First opening in Toronto in 1984, Mastermind is an iconic part of many Canadian millenials' youth, and managed to outlive local competitors like Toys, Toys, Toys despite the adversities of the digital era.
The sale at the above locations kicked off on Dec. 1 and will carry on through the holiday season. A full list of the stores that are folding is available on Mastermind's website.
