Sept. 15, 2025 "Everest Toys placed into receivership after bank ends lending relationship: docs": Today I found this article by Tara Deschamps on BNN Bloomberg:
TORONTO — Canadian toy distributor Everest Toys has been placed into receivership.
Court documents show the Ancaster, Ont.-based company owed TD Bank about $25 million when the bank made a receivership application last month and terminated its relationship with Everest Toys.
TD said receivership was necessary because Everest was facing “deteriorating financial circumstances,” had seen its entire board resign and had failed to satisfy the terms of its lending agreements.
“It is rudderless and is no longer able to meaningfully work with the bank towards a mutually beneficial outcome,” TD said in a factum filed in August.
Receivership is a legal process where
a neutral third party is appointed by a court
to take control of a distressed company
in order to recover amounts owing to creditors.
Debt relief company Spergel Inc. is the receiver for Everest Toys. The appointment signals that significant troubles have befallen the 33-year-old company with deep ties to some of the world’s biggest toy makers.
Everest Toys’ website shows the company has relationships with Hasbro, Mattel and the Lego Group and manages Alex Global Products and Crazy Forts.
The business was started in 1992 by Bob Putman,
whose son Doug now runs
HMV,
Toys “R” Us Canada,
Sunrise Records,
Northern Reflections,
Ricki’s
and Cleo
through Putman Investments.
Court records show Doug Putman is vice-president of Everest Toys and sat on its board alongside several other family members, including his parents Bob and Karen.
However, TD’s court filing says the company’s entire board resigned in August, leaving the business without much leadership and the bank unclear as to whether workers have been paid since.
Neither Doug Putman nor Everest Toys have responded to a request for comment on the state of the business.
Real estate listings show the business put a 94,176-square-foot property up for sale at the start of the year.
The Cormorant Road warehouse in Ancaster, Ont., west of Toronto, was listed for $29,194,560 and advertised as having space for equipment storage, loading and unloading and other warehousing needs.
Putman Investments has spent the last few years cultivating a reputation for scooping up ailing brands and turning them around.
Northern Reflections, Ricki’s and Cleo are among the company’s newest acquisitions.
Some of Putman Investments’ prior purchases appear to be struggling.
Toys “R” Us Canada has spent the year closing locations
and renovating others to install play gyms.
It accepted $120 million in financing from investment firm Gordon Brothers last year.
Putman Investments’ home goods retailer Rooms + Spaces, which, at one time, had 24 stores, has recently disappeared from the Canadian retail landscape altogether.
Tea purveyor T. Kettle, which Putman Investments launched out of 45 former DavidsTea locations, also appears to have retrenched from the market.
Its website lists no stores but continues to accept e-commerce orders.
This report by The Canadian Press was first published Sept. 15, 2025.
Tara Deschamps, The Canadian Press
Oct. 7, 2025 "Ikea to close Scarborough Town Centre store next year": Today I found this article by Codi Wilson on BNN Bloomberg:
Ikea Canada says it plans to shutter its Scarborough Town Centre location next year in response to “a rapidly evolving retail landscape,” along with “changing consumer behaviour.”
The closure will take place in early 2026 and the store will remain open to the public until a date is finalized, the furniture retailer said in a news release.
“We are constantly
renewing
and improving
our business
in order to remain relevant
in an ever-changing retail world
and to secure our future as a leading omnichannel retailer for generations to come,”
Selwyn Crittendon, the CEO and Chief Sustainability Officer of Ikea Canada, said in a written statement.
“This decision has not been taken lightly and even as we respond to market needs, we are committed to putting our people first and leading with our culture and values through this transition.”
The store opened a little over two years ago as a smaller-format “city-centre store,” which has fewer furniture items in stock.
Ikea opened a city-centre store in Toronto’s downtown core in 2022.
Ikea said it has been testing the smaller-scale stores in several markets around the world.
‘Lower-than-expected performance’
“Shifting consumer behaviour towards
online shopping
combined with a limited range of products that could be offered within the smaller footprint
have resulted in lower-than-expected performance,”
a news release announcing the closure read.
The company noted that about 130 people are employed at the Scarborough Town Centre location.
“Caring for and supporting each of them through this transition is the company’s highest priority and the retailer aims to minimize the impact as much as possible,” the news release continued.
“Ikea remains committed to serving the Scarborough community in the best way possible and will continue its efforts to be
affordable,
accessible,
and sustainable
to Canadians no matter how they choose to shop with the brand.”
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