Toys’R’Us Canada Will be Purchased by Putman Investments

Toys’R’Us Canada Will be Purchased by Putman Investments

Putman Investments has confirmed its plan to purchase Toys’R’Us and Babies’R’Us Canada from certain affiliates of Fairfax Financial Holdings Limited.

“Toys’R’Us and Babies’R’Us are extremely strong brands that have been in great hands over the past three years,” said Putman Investments founder Doug Putman. “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 just under 5,000 people who work out of the Vaughan head office as well as 81 stores across 10 provinces.

“We are pleased to announce our sale of the retail operations of Toys’R’Us Canada to Doug Putman,” said Fairfax chairman and CEO Prem Watsa.

Watsa noted that the transaction continues the implementation of the monetization plan for certain non-insurance holdings of Fairfax. Fairfax will retain substantially all of the real estate acquired in their original purchase of Toys’R’Us Canada, and through a continuing royalty stream, they 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,” Watsa added.

Fairfax bought Toys’R’Us Canada in 2018, and Bertrand was named president and CEO in 2019.

Source:AbnMedia