Mastermind LP
Mastermind Toys
FormerlyMastermind Educational Technologies Inc
TypeRetail
Mastermind Educational
IndustryToy store
Founded1984 (1984)
Scarborough, Ontario, Canada
FoundersAndy Levy
Jonathan Levy
HeadquartersToronto, Ontario
Number of locations
66
Area served
  • Canada
Key people
Jonathan Levy, Frank Zita
Number of employees
800
Websitewww.mastermindtoys.com
Mastermind Toys in Markham

Mastermind LP, trading as Mastermind Toys, is a Canadian chain of toy stores. Based in Scarborough, Toronto, Ontario, the company was founded in 1984 by brothers Andy and Jonathan Levy, and is now privately owned by Birch Hill Private Equity.[1]

History

Brothers Andy and Jonathan Levy opened "Mastermind: The Educational Computer Store" in 1984 as a 300-square-foot shop in Toronto, Ontario, Canada that sold educational software for home computers. A second shop called "Mastermind Educational" was opened in 1985 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.[2]

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[3] and in 1997 its website mastermindtoys.com launched.

In 2005, Mastermind Educational rebranded to Mastermind Toys and in 2007, opened its eleventh store in the GTA.[4]

In 2010, Mastermind Toys was acquired by Birch Hill Private Equity Partners to help the company expand across Canada.[1] Co-founder Andy Levy retired and Jon Levy stayed on as CEO. Within the decade, Mastermind Toys expanded to 57 new stores coast-to-coast.

In 2019, Jon Levy retired and in January 2020, Sarah Jordan was appointed CEO of Mastermind Toys. Sarah Jordan was formerly a Principal at The Boston Consulting Group and Senior Vice President of Customer Experience and Omni Channel Strategy at Scotiabank.[5]

On May 8 2023, Sarah Jordan was terminated as CEO of Mastermind Toys, and in her place Frank Zita was appointed President and Chief Merchant of Mastermind Toys. [6]

The Globe and Mail contrasted Mastermind Toys 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".[2]

On November 24, 2023, Mastermind Toys filed for creditor protection, citing tough competition, a difficult economic climate, and impacts from the COVID-19 pandemic. The company's 66 stores are set to remain open for now, however the company is trying to grant permission to close some of its stores.[7] On December 4, 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.[8]

References

  1. 1 2 "Mastermind Toys ramps up expansion even as Toys "R" Us flounders | CBC News". CBC. Retrieved 2021-03-26.
  2. 1 2 "Certain toys are us". The Globe and Mail. Retrieved 2018-06-10.
  3. ↑ "Our Story". www.mastermindtoys.com. Retrieved 2020-06-03.
  4. ↑ Toys, Mastermind. "About Us". Mastermind Toys. Retrieved 2021-03-26.
  5. ↑ "Mastermind Toys Appoints New CEO Amid Strategy Shift [Exclusive]". Retail Insider. 10 February 2020. Retrieved 8 October 2020.
  6. ↑ https://www.linkedin.com/posts/frank-zita_im-excited-to-announce-that-i-have-accepted-activity-7063848721498734592-n1Bf/?trk=public_profile_like_view
  7. ↑ "Mastermind Toys files for creditor protection, seeks court permission to close 'initial group' of stores". CTVNews. 2023-11-24. Retrieved 2023-11-24.
  8. ↑ "Mastermind Toys to be acquired — but these 18 stores will still be liquidated | Globalnews.ca". Global News. Retrieved 2023-12-04.
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