Friday, February 23, 2024

Toys R Us Canada will pass from its hands

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Maria Gill
Maria Gill
"Subtly charming problem solver. Extreme tv enthusiast. Web scholar. Evil beer expert. Music nerd. Food junkie."

Putman Investments wants to acquire Toys R Us Canada, a retailer and its 81 stores nationwide.

The family-owned private equity fund on Thursday announced plans to buy the banner currently owned by Fairfax Financial.

The amount of the deal, which also includes the acquisition of the Babies “R” Us brand in Canada, was not disclosed.

In 2018, Fairfax Financial paid $300 million to acquire the Canadian division of Toys “R” Us that was then under the protection of the Corporate Creditors Arrangement Act (CCAA).

The American branch of the chain was also immune to its creditors.

“Since its separation from the US company, we have observed how the company has evolved and shaped its offering around Canadian clients. A lot of great things have been accomplished,” Putman Investments founder Doug Putman said in a statement.

The businessman is also the owner of Sunrise Records and HMV. He became president of HMV in 2019. Then the record store went bankrupt.

The promise to buy was signed for the company that specializes in selling toys and things for children on August 16. Fairfax Financial will retain “significantly all real estate” for the retailer.

Toys “R” Us currently has approximately 5,000 employees nationwide and the brand is headquartered in Vaughan, Ontario.

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