We are thrilled we were able to get this acquisition: Putman Investments on Toys'R'Us deal
Geoffrey the Giraffe’s Canadian venture is changing hands, as Putman Investments has announced plans to acquire Toys‘R’Us and Babies’R’Us Canada from Fairfax Financial Holdings Limited.
In order to keep it alive, the iconic toy store brand’s Canadian unit was purchased by Prem Watsa’s Fairfax in 2018 for $300 million, not long after it filed for bankruptcy in the U.S.
Financial terms of this latest deal were not disclosed, but Fairfax will retain the real estate acquired in its original purchase, as well as a continuing royalty stream, according to a news release.
“Toys'R'Us and Babies'R'Us are extremely strong brands that have been in great hands over the past three years,” said Doug Putman, founder of Putman Investments in a release.
“Since its split from the U.S., we've watched the way in which the company has grown and focused on the Canadian customer. Much has been achieved and we're excited to help to drive the business forward.”
Nearly 5,000 Canadians are employed by Toys’R’Us between the company’s Vaughan, Ont. head office and its 81 stores spread across 10 provinces.
Years after filing for Chapter 11 bankruptcy in the U.S., the brand is making a comeback south of the border, with Macy’s Inc. planning to open as many as 400 Toys’R’Us branded toy stores within its department stores starting in 2022, in collaboration with WHP Global, the owner of the Toys’R’Us and Babies’R’Us brands in the U.S., TruKids. The department store chain has also taken over the toy store’s website, which had been run by Target Inc. up until 2020.