Putman Investments wants to capture Toys “R” US Canada retailer and its 81 stores nationwide.
The family-owned private equity fund on Thursday announced plans to buy a banner owned by Fairfax Financial.
The total number of transactions involving the purchase of the Babies “R” brand in Canada has not been disclosed.
In 2018, Fairfax Financial owns $ 300 million of Canadian toys “R”, which is protected under the Companies ‘Creditors’ Arrangement Act (CCAA).
The American branch of the chain also has immunity to its creditors.
“Since splitting from the US company, we have observed how the company has developed its offering around Canadian customers and how it has been designed. Many great things have been achieved,” Doug Putman, founder of Putman Investments, said in a statement.
Businessman is also the owner of Sunrise Records and HMV. He became the boss of HMV in 2019. The record store then went bankrupt.
The purchase promise for the company, which specializes in selling toys and items for children, was signed on August 16th. Firefox Retains Financial Retailer’s “Real Estate Amount”.
Toys “R” currently has about 5,000 employees nationwide and the brand is headquartered in Van, Ontario.