Mastermind Toys

Mastermind LP (trading as Mastermind Toys) is a Canadian toy store chain based in Scarborough, Toronto, Ontario. It was founded in 1984 by brothers Andy and Jonathan Levy.[2]

On January 15, 2024, Unity Acquisitions Inc. announced that it had completed the acquisition of the company.[3]

History

In 1984, the Levy brothers opened "Mastermind: The Educational Computer Store" as a 300-square-foot shop in Toronto, Ontario, Canada that sold educational software for home computers. The following year, a second shop called "Mastermind Educational" was opened with an expanded selection of toys, books and games.

Mastermind Educational began offering complimentary in-store gift wrapping with a custom wrap designed in-house. Proving successful, the chain began to expand.[4]

The first store (300 square feet) opened in 1984 and the second opened in 1985. Through the 1990s, 10 locations across the GTA were established[5] and in 1997 its website mastermindtoys.com launched.

In 2005, two years before opening its eleventh store in the GTA,[6] Mastermind Educational rebranded to Mastermind Toys. While expanding to 57 stores from coast-to-coast within a decade, the company was acquired in 2010 by Birch Hill Private Equity Partners to aid its growth across Canada.[2]

Following the departure of co-founder Andy Levy, the role of CEO was assumed by Jon Levy until 2019 and by Sarah Jordan until 2023.[7] Previously, Jordan had been a Principal at The Boston Consulting Group and Senior Vice President of Customer Experience and Omni Channel Strategy at Scotiabank.[8]

Following Jordan’s departure in May 2023, Frank Zita was appointed its President and Chief Merchant.[9] Meanwhile, The Globe and Mail contrasted the firm to its main competitors, Toys "R" Us and Walmart, by classifying it as a mid-size "specialty retail" chain with a focus on premium and "trend-proof" products, as opposed to big-box rivals "sustained by branded plastic".[4]

In November, 2023, it filed for creditor protection, citing tough competition, a difficult economic climate, and impacts from the COVID-19 pandemic. Although its 66 stores are expected to remain open for now, the firm is trying to grant permission to close some of its stores.[10]

In December, 2023, it was announced that Unity Acquisitions Inc. had entered a deal to purchase 48 of the stores, and close 18 of them starting in 2024.[11] A month later, it was announced that the transaction had been completed.

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