Mastermind terminates 272 employees as sale to Unity closes

TORONTO Mastermind has terminated about 272 employees as the toy retailer is turned over to new ownership. In filings made with an Ontario court, lawyers for the chain say termination notices have been provided to 232 employees who new owner Unity Acquisitions Inc. will not retain. The filings say another 40 temporary employees will not be kept.

Some 619 Mastermind employees have been given new employment offers. The details around Mastermind's workforce come as the beleaguered company announced the closure of its sale to Unity, which is owned by retail leaders David Lui, Joe Mimran, and Frank Rocchetti. Before Mastermind filed for creditor protection in November and later liquidated 18 stores, it had about 800 employees.

This report by The Canadian Press was first published Jan. 15, 2024..