Toys "R" Us Canada will soon have a new owner as part of a deal that will see retail entrepreneur Doug Putman take over the chain from investment conglomerate Fairfax Financial. Putman is the owner and founder of Sunrise Records, a music store chain with 85 locations across Canada. Fairfax took over the toy retailer's Canadian assets when the U.S. parent went insolvent a few years ago for $300 million. The chain is making a comeback in the U.S. too, with retailer Macy's announcing on Thursday it plans to open 400 Toys "R" Us stores inside its own stores starting next year. Ngo says that move makes sense because even despite going bankrupt, the Toys "R" Us name is "marquee."

Source: CBC News August 19, 2021 15:35 UTC