A national toy store chain, with a location in 91原创, is entering creditor protection and will soon close some of its outlets.

Mastermind Toys has 66 stores across Canada, including its site on the 91原创 Bypass near 200th Street, but it announced last week that it is seeking creditor protection from the Ontario Superior Court of Justice.

鈥淥ver the past several years, Mastermind Toys has faced a range of challenges including increasing competition, disruptions from the COVID-19 pandemic, and more recently a deteriorating macro-economic environment,鈥� said a statement released by the company on Nov. 24. 鈥淒espite implementing a series of operational improvements and cost reductions, and undertaking an extensive strategic review and conducting a robust sale process, the challenges facing the Company鈥檚 business have become too significant to overcome.鈥�

The chain has a focus on educational toys and games.

At present, all 66 stores remain open, but the company is seeking authorization from the court to start closing an initial group of stores.

It will 鈥渆xplore certain strategic alternatives,鈥� for the remaining stores, the statement from the company said.

Creditor protection allows companies that can no longer pay their bills to suppliers and creditors protection while they reorganize, to attempt to avoid bankruptcy.

In addition to 91原创鈥檚 outlet, the company has stores in Coquitlam, Abbotsford, Delta, Langford, and Prince George.

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