In further developments for the Toys R Us brand name this week, the Canadian investment firm, Putman Investments has confirmed its intention to purchase Toys R Us and Babies R Us Canada, from certain affiliates of Fairfax Financial Holdings Limited.
Both Toys R Us Canada and Babies R Us Canada combined employ just under 5,000 people working out of the Vaughan head office as well as 81 stores across ten provinces. It operates as a separate entity to the US business, which has this week secured a major comeback partnership with Macy’s.
Both Toys R Us Canada and Babies R Us Canada are recognised as the country’s national toys, games, and baby specialists that, thanks to a resilience of the toys, games, and baby sector demonstrated during the pandemic, have been at the centre of the Canadian toy market’s strong growth over the past year.
“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. “Since its split from the US, 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.”
Prem Watsa, chairman and CEO of Fairfax, said: “We are pleased to announce our sale of the retail operations of Toys’R’Us Canada to Doug Putman. 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.”