The Globe and Mail reports in its Tuesday edition that a company controlled by retail veteran Joe Mimran is buying the faltering store chain Mastermind Toys, taking on the majority of its locations after the company said it might have to wind down the business entirely. The Globe's Susan Krashinsky writes that Mastermind announced on Monday that it had struck a deal with Unity Acquisitions. Unity is owned by Mr. Mimran, his long-time business partner Frank Rocchetti and former Canadian Tire marketing executive David Lui, who is Unity's chief executive officer. Earlier this year, Unity acquired another Canadian retailer, Kit and Ace, as well as Vancouver shoe brand Casca Footwear. Mastermind, which operates 66 stores across Canada, is still going ahead with planned liquidations at 18 of its stores. Mastermind employs roughly 800 people -- 625 of them part-time store staff and 175 full-time employees. The chain, which is currently owned by Birch Hill Equity Partners, has been losing money for several years, according to court documents, and was facing the possibility of winding down the business unless a new owner could be found. Toys are a highly competitive category, where Walmart and Amazon can offer deep discounts.