Canada’s Unity Acquisitions has agreed to purchase Mastermind Toys for an undisclosed amount, saving the specialty toy retailer from having to close its doors for good. 

This announcement follows Mastermind filing for creditor protection under the Companies’ Creditors Arrangement Acts (CCAA) last month. According to court filings, the retailer has more than US$45.5 million in liabilities, while its tangible assets total US$34.9 million.

The transaction is expected to close in January, and Unity has agreed to purchase 48 of Mastermind’s stores, with the remaining 18 approved for liquidation by the Ontario Superior Court of Justice last week. But all 66 locations will continue to operate through the holiday shopping season. 

Joe Fresh founder and Canadian fashion designer Joe Mimran launched Unity Acquisitions in May with business partners David Lui and Frank Rocchetti, who also have extensive executive experience in the Canadian retail landscape. The company has gone on a domestic buying spree since, picking up Vancouver-based Casca Footwear in August and Toronto-based apparel company Kit and Ace in July. Lui was installed as CEO at both companies following these acquisitions.