Doug Putman, the owner of HMV UK, has announced a deal to acquire all 81 stores of Toys R Us and Babies R Us in Canada, as part of his plans to “drive the business forward”. No financial details of the deal were disclosed.
The deal was made via family-owned vehicle Putman investments. The two banners employ just under 5,000 people at the stores and its HQ in Vaughan.
Putman, who is also the President of Everest Toys and owner of Alex Brands, played down talks of bringing back the two banners to the UK retail market, but said he would continue to assess the situation.
He noted: “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 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.”
