Turbulence within the toy trade might have claimed one other sufferer: Canada-based Everest Toys.
Based in 1992, Everest grew to become a number one distributor and producer of toys, video games, and presents throughout North America. Nonetheless, sources inform The Toy E-book that workers members on the family-owned firm had been knowledgeable of its closure late final week earlier than being locked out of its Ontario headquarters. Earlier this yr, Everest’s 94,000-square-foot office and warehouse in Ancaster Enterprise Park was listed for sale.
A disruption — or an entire stoppage — might ship shockwaves via North American specialty retail. Everest is a distributor for corporations of all sizes, together with Hasbro, Mattel, Wizards of the Coast, The LEGO Group, and Blokees throughout 1000’s of accounts. The agency additionally manages acquired manufacturers from Alex International Merchandise, Loopy Forts, and extra.
Insiders, talking on situation of anonymity, spin tales of a bank-initiated shutdown, damaged mortgage covenants, frozen accounts, and retailers, distributors, and workers left in the dead of night. Stories additionally counsel the sudden closure is probably not the tip however the precursor to a restructuring that might see Everest return beneath a brand new identify. The tumultuous U.S.-Canada commerce local weather provides additional strain, as tariffs and evolving insurance policies proceed to reshape the panorama for all gamers doing cross-border enterprise, regardless of some latest cooling.
Behind the scenes, Everest has lengthy served as the muse for a larger group of corporations beneath Putman Investments, led by entrepreneur Doug Putman. The portfolio contains Toys “R” Us Canada, Infants “R” Us Canada, Dawn Data, HMV, FYE, and fellow distributor Well-known Toys. Latest strikes embody the launch of Putman Publishing within the UK and acquisitions in Canadian vogue retail.
Not each enterprise has been a smash hit. The U.S.-based Alex Toys retail idea folded inside 18 months. Rooms + Areas, a house items idea constructed on former Mattress Bathtub & Past and buybuy Child websites, got here and went. T.Kettle, which as soon as boasted 45 places, now reveals just one. In latest months, Toys “R” Us Canada has additionally lowered its retailer fleet.
At press time, Everest’s U.S. (Everest Toys) and Canadian (Everest Wholesale) web sites stay on-line, although its telephone quantity — energetic as just lately as Saturday — has gone darkish. Requests for remark have gone unanswered.
This can be a growing story. The Toy E-book will replace protection as extra particulars emerge.
The put up Everest Toys Faces Uncertain Future appeared first on The Toy Book.
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