Toys “R” Us Canada will soon have a new owner as part of a deal that will see retail entrepreneur Doug Putman take over the chain from investment conglomerate Fairfax Financial.

Putman is the owner and founder of Sunrise Records, a music store chain with 85 locations across Canada. He also purchased the Canadian assets of HMV when the British music retailer went bust, and launched the T. Kettle chain of tea shops in former DavidsTea locations earlier in the pandemic.

Fairfax took over the toy retailer’s Canadian assets when the U.S. parent went insolvent a few years ago for $300 million.

Financial