The biggest toy store in Burnaby has been sold off to a company that also bought a defunct Burnaby tea shop.
Putman Investments says it will purchase Toys "R" Us and Babies "R" Us Canada from affiliates of Fairfax Financial Holdings Limited.
Toys "R" Us currently operates in several Metro Vancouver locations, including at Metropolis at Metrotown mall in Burnaby.
The Ancaster, Ont.-based investment company did not reveal the value or terms of the deal.
“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 statement. “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.”
Toys "R" Us and Babies "R" Us Canada employs almost 5,000 people between its Vaughan, Ont. head office and 81 stores in 10 provinces.
Family-owned Putman Investments is run by Doug Putman, who owns Sunrise Records and Entertainment Limited and purchased HMV in 2019.
Last year, he purchased recently closed DavidsTea locations – including the one that operated at Metropolis at Metrotown - and began planning to open his own tea chain called T. Kettle.
Fairfax acquired Toys "R" Us Canada in 2018 for $300 million as the company was filing for bankruptcy in the U.S.
“We are pleased to announce our sale of the retail operations of Toys'R'Us Canada to Doug Putman,” said Prem Watsa, Chairman and Chief Executive Officer of Fairfax. “The transaction continues the implementation of the monetization plan for certain non-insurance holdings of Fairfax. Fairfax retains substantially all of the real estate acquired in our original purchase of Toys'R'Us Canada and, through a continuing royalty stream, we are provided with an opportunity to benefit over time in the future success of the business. This transaction would not have been possible without the steady and sound leadership of Vic Bertrand and his management team at Toys'R'Us Canada, and we are very thankful for all of their efforts to build the Toys'R'Us Canada brand.”
- With files from the Canadian Press
