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. [4]
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 [5] and in 1997 its website mastermindtoys.com launched.
In 2005, two years before opening its eleventh store in the GTA, [6] 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. [2]
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 [7] . Previously, Jordan had been a Principal at The Boston Consulting Group and Senior Vice President of Customer Experience and Omni Channel Strategy at Scotiabank. [8]
Following Jordan’s departure in May 2023, Frank Zita was appointed its President and Chief Merchant. [9] 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". [4]
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. [10]
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. [11] A month later, it was announced that the transaction had been completed.
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