Mastermind Toys lays off hundreds of staff in the wake of store closures
Mastermind Toys announced back in November that it was going into creditor protection, and the Toronto-based retailer has since proceeded to shutter a handful of stores and lay off hundreds of people as it tries to restructure and streamline operations.
The homegrown brand that many Canadians fondly remember from their childhood — now in the hands of Unity Acquisitions Inc. — apparently had to lay off a whopping 272 employees, per new reports this week, representing about one-third of its workforce.
Another 619 staffers have been extended offers to stay with the company for what Unity executives said will be an exciting future for Mastermind filled with “new ideas” and “enhanced in-store and online experiences.”
That would be a shame. Great products, but frankly a tad pricey. Hopefully they can get it together.
— Not Ted (@skrif20) November 24, 2023
This is in the face of the increased competition, “deteriorating macro-economic environment,” and other factors that drove the chain to such a financially precarious spot in recent years.
And, it’s a future that the specialty toy and children’s book retailer will enter with 18 fewer stores, which kicked off blowout liquidation sales last month and closed their doors by the early days of the new year.
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In Ontario, locations in Ajax, Barrie, Cambridge, Hamilton, Mississauga, Owen Sound, Sudbury and Vaughan have now shuttered, along with outposts in Alberta, New Brunswick, BC, Nova Scotia and Manitoba, leaving the brand with 48 stores nationwide.
Mastermind is closing these 9 Ontario stores and having a huge liquidation sale 👀 https://t.co/STD2KLrjPp #Ontario #MastermindToys #Liquidation #Sale #Closure
— blogTO (@blogTO) December 4, 2023
From its humble beginnings of a single 300-square-foot store opened in Toronto in 1984, the company was known as the biggest independent chain of its kind and always proudly Canadian.
Here’s hoping its new owners can make the changes to ensure it sticks around for years to come.