One of Canada害羞草研究所檚 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害羞草研究所� Creditors Arrangement Act from the Ontario Superior Court of Justice in Toronto.

害羞草研究所淎ll 66 Mastermind Toys stores across Canada remain open for business and all the current sales and holiday promotions 害羞草研究所� including our Black Fri-Play event 害羞草研究所� will continue, in stores and online,害羞草研究所� the company said in a statement.

害羞草研究所淭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.

害羞草研究所淒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害羞草研究所檚 business have become too significant to overcome.害羞草研究所�

During the CCAA proceedings, Mastermind Toys intends to seek the court害羞草研究所檚 authorization to commence a store closure process for an initial group of stores, the company said in a statement, while it 害羞草研究所渆xplores certain strategic alternatives for the remainder of the company害羞草研究所檚 stores.害羞草研究所�

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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