One of Canada香蕉视频直播檚 biggest toy stores has filed for creditor protection.

Mastermind GP and Mastermind LP, owner of Mastermind Toys which operates 66 stores in Canada including 6 in B.C. announced Nov. 24 that it sought and obtained an initial order for creditor protection under the Companies香蕉视频直播� Creditors Arrangement Act from the Ontario Superior Court of Justice in Toronto.

香蕉视频直播淎ll 66 Mastermind Toys stores across Canada remain open for business and all the current sales and holiday promotions 香蕉视频直播� including our Black Fri-Play event 香蕉视频直播� will continue, in stores and online,香蕉视频直播� the company said in a statement.

香蕉视频直播淭he difficult but necessary decision to seek creditor protection under the CCAA was made following careful evaluation of available alternatives and in consultation with legal and financial advisors. 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.

香蕉视频直播淒espite implementing a series of operational improvements and cost reductions, and undertaking an extensive strategic review and conducting a robust sale process, the challenges facing the Company香蕉视频直播檚 business have become too significant to overcome.香蕉视频直播�

During the CCAA proceedings, Mastermind Toys intends to seek the court香蕉视频直播檚 authorization to commence a store closure process for an initial group of stores, the company said in a statement, while it 香蕉视频直播渆xplores certain strategic alternatives for the remainder of the company香蕉视频直播檚 stores.香蕉视频直播�

Mastermind Toys expects to seek additional relief from the court at a comeback hearing on Nov. 30. Its list of B.C. stores includes outlets in Coquitlam, Langley, Abbotsford, Tsawwassen, Langford and Prince George.

Alvarez & Marsal Canada Inc. was appointed as the CCAA monitor.

READ MORE: