One of Canadasa国际传媒檚 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 Companiessa国际传媒� Creditors Arrangement Act from the Ontario Superior Court of Justice in Toronto.

sa国际传媒淎ll 66 Mastermind Toys stores across Canada remain open for business and all the current sales and holiday promotions sa国际传媒� including our Black Fri-Play event sa国际传媒� will continue, in stores and online,sa国际传媒� the company said in a statement.

sa国际传媒淭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.

sa国际传媒淒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 Companysa国际传媒檚 business have become too significant to overcome.sa国际传媒�

During the CCAA proceedings, Mastermind Toys intends to seek the courtsa国际传媒檚 authorization to commence a store closure process for an initial group of stores, the company said in a statement, while it sa国际传媒渆xplores certain strategic alternatives for the remainder of the companysa国际传媒檚 stores.sa国际传媒�

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.

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