A popular Canadian toy shop in Coquitlam is set to be under new ownership.
Today (Aug. 19), Putman Investments says it's purchasing Toys "R" Us and Babies "R" Us from affiliates of Fairfax Financial Holdings Limited.
It's the largest toy and games store in all of Coquitlam — located at 1110 Lougheed Hwy. — and is one of 81 in 10 provinces across Canada.
"Toys "R" Us and Babies "R" Us are extremely strong brands that have been in great hands over the past three years," says Doug Putman, founder of Putman Investments, who's also the founder of Sunrise Records and HMV.
"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."
Terms of the deal or the value of the purchase were not revealed.
However, the Ontario-based group is the same company that bought and closed several DavidsTea locations last year; it's in the works to open his own tea chain called T. Kettle.
Toys "R" Us and Babies "R" Us currently employs almost 5,000 people across the country and has been in business for more than 60 years.
Fairfax acquired the chain in 2018 for $300 million as the company was filing for bankruptcy in the United States.
