A popular Canadian speciality toy and children’s book retailer has filed for creditor protection.
Mastermind Toys says it has faced a range of challenges over the past number of years.
They include more competition, disruptions from the pandemic, and a deteriorating economy.
“Despite 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’s business have become too significant to overcome,” the company said in a news release on Friday.
Mastermind Toys said all 66 of its stores across Canada currently remain open for business.
The company intends to seek approval to close a group of stores while exploring alternatives for the rest.
Mastermind Toys has locations in all 10 Canadian provinces.