Fairfax to sell Toys'R'Us Canada to Putman Investments, excluding real estate - The Globe and Mail

Putman Investments said it plans to purchase toy, clothing, and baby product retailer Toys’R’Us and Babies’R’Us Canada from Toronto-based Fairfax Financial Holdings Ltd.

Family-owned Putman Investments is based in Ancaster, Ont., and run by Doug Putman, who owns Sunrise Records and Entertainment Ltd. and purchased HMV in 2019. Terms of the deal weren’t disclosed.

This marks the latest in a string of investments in struggling brands. Last year, he purchased recently closed DavidsTea locations and began planning to open his own tea chain called T. Kettle.

Sunrise Records owner Putnam scoops up former DavidsTea leases, plans to launch competing tea stores

Toys’R’Us filed for bankruptcy in 2017, and in 2018, Fairfax purchased the Canadian division for $300-million. After 70 years of business, the company closed all of its U.S. locations in June, 2018.

“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,” Mr. Putman said in a statement.

Fairfax will retain the real estate acquired in its original acquisition and will collect royalties from the ongoing business, according to Fairfax chief executive officer Prem Watsa in a statement.

The Vaughan-based Toys’R’Us and Babies’R’Us brands employ just under 5,000 people across 81 stores in 10 provinces, according to a release.

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Fairfax to sell Toys'R'Us Canada to Putman Investments, excluding real estate - The Globe and Mail
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