The owner of Toys “R” Us Canada is trying to buy some of the retailer’s assets so it can keep the chain going or rebrand the beleaguered business that has been in creditor protection since February.
A lawyer representing a numbered company that owns the retailer has filed a letter in court saying his client has a licence to use the Toys “R” Us name until Jan. 25, 2027.
After that date, the letter says the numbered company, which operates as Putman Investments, hopes to extend that licence or rebrand the business.
To help with this plan, the letter says Putman Investments has struck an agreement to continue operating its store at Sherway Gardens, a mall in Toronto’s west end.
Putman Investments is led by Ancaster, Ont-based entrepreneur Doug Putman. He also runs Northern Reflections, HMV, Sunrise Records, Ricki’s and Cleo.
It was revealed last week that Putman Investments has reached a deal to buy 10 Toys “R” Us Canada store leases, the brand’s inventory, equipment and bank accounts. The deal still needs court approval, which the company is expected to seek Monday.
