(Toronto) Mastermind GP says it has reached an agreement to sell most of its business to Unity Acquisitions.
Financial terms of the asset purchase agreement signed by the Toronto toy retailer and Unity owners Joe Mimran, Frank Rocchetti and David Lui were not disclosed.
The deal includes the majority of Mastermind Toys stores and will allow a “significant” number of employees to continue working at the company.
The announcement comes as Mastermind began notifying its customers that 18 of its stores are closing as part of creditor protection proceedings.
The stores closing include nine locations in Ontario, four in Alberta, two in New Brunswick, one in British Columbia, one in Nova Scotia and one in Manitoba.
An Ontario court allowed Mastermind to liquidate the stores last week, specifying that sales must be completed by February 29.
