Mastermind Toys
 | |
 Mastermind Toys in Oakville, ON | |
| Mastermind Toys | |
| Formerly | Mastermind Educational Technologies Inc |
| Company type | Retail |
| Mastermind Educational | |
| Industry | Toy store |
| Founded | 1984, in Scarborough, Ontario, Canada |
| Founder |
|
| Headquarters | Toronto, Ontario |
Number of locations | 66 |
Area served | Canada
|
Key people | Kartik Rathod, Joe Mimram, Frank Rocchetti, David Lui |
| Owner |
|
Number of employees | 800 |
| Website | www |
Mastermind LP (trading as Mastermind Toys) is a Canadian toy store chain based in Scarborough, Toronto, Ontario. It was founded in 1984 by brothers Andy and Jonathan Levy.[1]
On January 15, 2024, Unity Acquisitions Inc. announced that it had completed the acquisition of the company.[2]
History
In 1984, the Levy brothers opened "Mastermind: The Educational Computer Store" as a 300-square-foot shop in Toronto, Ontario, Canada that sold educational software for home computers. The following year, a second shop called "Mastermind Educational" was opened with an expanded selection of toys, books and games.
Mastermind Educational began offering complimentary in-store gift wrapping with a custom wrap designed in-house. Proving successful, the chain began to expand.[3]
The first store (300 square feet) opened in 1984 and the second opened in 1985. Through the 1990s, 10 locations across the GTA were established[4] and in 1997 its website mastermindtoys.com launched.
In 2005, two years before opening its eleventh store in the GTA,[5] Mastermind Educational rebranded to Mastermind Toys. While expanding to 57 stores from coast-to-coast within a decade, the company was acquired in 2010 by Birch Hill Private Equity Partners to aid its growth across Canada.[1]
Following the departure of co-founder Andy Levy, the role of CEO was assumed by Jon Levy until 2019 and by Sarah Jordan until 2023. Previously, Jordan had been a Principal at The Boston Consulting Group and Senior Vice President of Customer Experience and Omni Channel Strategy at Scotiabank.[6]
Following Jordan’s departure in May 2023, Frank Zita was appointed its President and Chief Merchant. [7] Meanwhile, The Globe and Mail contrasted the firm to its main competitors, Toys "R" Us and Walmart, by classifying it as a mid-size "specialty retail" chain with a focus on premium and "trend-proof" products, as opposed to big-box rivals "sustained by branded plastic".[3]
In November, 2023, it filed for creditor protection, citing tough competition, a difficult economic climate, and impacts from the COVID-19 pandemic. Although its 66 stores are expected to remain open for now, the firm is trying to grant permission to close some of its stores.[8]
In December, 2023, it was announced that Unity Acquisitions Inc. had entered a deal to purchase 48 of the stores, and close 18 of them starting in 2024.[9] A month later, it was announced that the transaction had been completed.
References
- ^ a b "Mastermind Toys ramps up expansion even as Toys "R" Us flounders | CBC News". CBC. Retrieved 2021-03-26.
- ^ "Unity Acquisitions Inc. completes acquistion of Mastermind Toys". Yahoo! Finance. Retrieved 2024-02-21.
- ^ a b "Certain toys are us". The Globe and Mail. Retrieved 2018-06-10.
- ^ "Our Story". www.mastermindtoys.com. Retrieved 2020-06-03.
- ^ Toys, Mastermind. "About Us". Mastermind Toys. Retrieved 2021-03-26.
- ^ "Mastermind Toys Appoints New CEO Amid Strategy Shift [Exclusive]". Retail Insider. 10 February 2020. Retrieved 8 October 2020.
- ^ "Frank Zita on LinkedIn: I'm excited to announce that I have accepted the role as President and… | 162 comments".
- ^ "Mastermind Toys files for creditor protection, seeks court permission to close 'initial group' of stores". CTVNews. 2023-11-24. Retrieved 2023-11-24.
- ^ "Mastermind Toys to be acquired — but these 18 stores will still be liquidated | Globalnews.ca". Global News. Retrieved 2023-12-04.