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Mastermind Toys, one of Canada’s iconic specialty toy stores, has filed for creditor protection, the company announced Friday.
“The difficult but necessary decision to seek creditor protection under the CCAA (Companies’ Creditors Arrangement Act) was made following careful evaluation of available alternatives and in consultation with legal and financial advisors,” the company said in a press release. Over the past several years, Mastermind Toys has faced a range of challenges including increasing competition, disruptions from the COVID-19 pandemic, and more recently a deteriorating macro-economic environment.”
Mastermind said all 66 stores across Canada will remain open and holiday promotions will continue online and in store.
More to come…
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