Fairfax Financial Holdings Limited (TSX: FFH, FFH.U) has completed previously announced acquisition of 100% equity interest in Toys “R” Us (Canada) Ltd. from Toys “R” Us, Inc. (Delaware) for US $237 million or CDN $300 million.
In March 2018, Toys “R” Us, Inc. filed a motion seeking Bankruptcy Court approval to begin the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of its U.S. stores, including stores in Puerto Rico.
The sale of Canadian operations had planned for a transaction that could combine up to 200 of the top performing U.S. stores with its Canadian operations.
As a result of the acquisition, Toys “R” Us Canada is now Canadian owned and operated specialty retailer of toys and baby products, employing more than 4,000 Canadians with 82 stores across Canada.
photo credit: Toys “R” Us
News Release
Canada’s Toy Store is Here to Play, Here to Stay: Sale of Toys “R” Us and Babies “R” Us (Canada) to Fairfax Financial Holdings Limited is Complete
TORONTO, June 1, 2018 /CNW/ – Toys “R” Us (Canada) Ltd. announces the completion of the previously announced acquisition of its business by Fairfax Financial Holdings Limited. As a result of the acquisition, Toys “R” Us Canada is now a proudly Canadian-owned and operated business employing more than 4,000 Canadians and the only exclusive coast to coast business with over 80 locations dedicated to kids and babies.
“As Canada’s leading toy and baby retailer, we are thrilled to be part of the Fairfax family and to now operate as a reinvigorated company that is 100% Canadian,” said Melanie Teed-Murch, President of Toys “R” Us and Babies “R” Us Canada. “I would like to extend a heartfelt thank you to our customers for their loyalty and for choosing to shop at Toys “R” Us and Babies “R” Us. We are passionate about our business and want Canadians to know that we are champions of play with the newest trends and hottest toys in our stores. We believe that parenting is an adventure and Babies “R” Us Canada will be there along the journey to help parents. We are also excited about our future and look forward to inviting customers back to see what’s new in store.”
This summer, Toys “R” Us will be moving full steam ahead in getting the message to Canadians that we’re here to play, here to stay! “We will be challenging kids, parents, grand-givers and kids at heart to embrace the power of play. At Toys “R” Us, we believe that moments of joy, endless possibilities of fun and the wonder of imagination all happen through play,” said Teed-Murch.
The company also remains committed to its philanthropic initiatives and its support of communities across Canada. Each year, the company raises nearly $2 million to support its partners through the generous support of its customers and team members. Beginning this month, Toys “R” Us will host 10 Starlight Dashes across Canada in which seriously ill children from the Starlight Children’s Foundation will have three minutes to race around the store and fill their carts with toys.
All customer programs like Baby Registry, “R”Club™ loyalty and wish list are running just as customers know and love. Gift cards purchased in Canada can be redeemed anytime online and in any store location across the country. In the coming months, the company will roll out exciting new innovations that have proven successful at recently opened stores in Langley, British Columbia and Barrie, Ontario. This format includes dedicated play areas, interactive stations for kids and mobile pay. The evolving omnichannel strategy connects customers wherever, whenever and however they want through our webstore, mobile and store shopping experience.
Visit www.toysrus.ca and www.babiesrus.ca for exciting announcements and new events happening throughout the summer.
About Toys “R” Us
Since 1983, Toys “R” Us Canada has been Canada’s leading dedicated specialty retailer of toys and baby products. Recognized as Canada’s trend authority in toys and baby products, the company brings national brands, exclusive products, innovative loyalty programs and unique partnerships to Canadians at its 82 stores across Canada and through its strong e-commerce sites Toysrus.ca and Babiesrus.ca. Committed to giving back to the community, the company’s charity efforts focus on supporting children and families whether enhancing resources and services, helping development through play or offering distraction and encouragement to seriously ill children. For store locations and convenient online shopping, visit www.toysrus.ca and www.babiesrus.ca.
About Fairfax
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
SOURCE Toys “R” Us (Canada) Ltd.
For further information: Toys “R” Us: Sheri Papps, Paradigm, at 416-413-5207, spapps@paradigmpr.ca; Fairfax: John Varnell, Vice President, Corporate Development, at (416) 367-4941