| Mastermind Inc. | |
| Trade Name: | Mastermind Toys |
| Former Name: | Mastermind Educational Technologies Inc |
| Type: | Retail |
| Traded As: | Mastermind Educational |
| Industry: | Toy store |
| Foundation: | , in Scarborough, Ontario, Canada |
| Location: | Toronto, Ontario |
| Locations: | 66 |
| Area Served: | |
| Key People: | Kartik Rathod, Joe Mimram, Frank Rocchetti, David Lui |
| Num Employees: | 800 |
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]
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.
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]
After Jordan was fired on May 8, 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".
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.