Following the acquisition, Fairfax will retain substantially all of the real estate acquired in its original purchase of Toys’R’Us Canada.
August 25, 2021
Putman Investments, a Canada-based company, has confirmed its plans of purchasing Toys’R’Us and Babies’R’Us Canada, from the affiliates of Fairfax Financial Holdings Limited (Fairfax).
Doug Putman, the founder of Putman Investments, said, “Toys’R’Us and Babies’R’Us are extremely strong brands that have been in great hands over the past three years. 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 employ about 5,000 people who work out of the Vaughan head office, and there are 81 stores across 10 provinces in the North American country.
Prem Watsa, Chairman and Chief Executive Officer of Fairfax, commented, “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.”
Also Read: Reliance Brands plans to take Hamleys to US and Canada
He also added, “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.”