TORONTO — Toy store Mastermind GP Inc. says it has obtained an initial order for creditor protection from an Ontario court as it faces financial challenges and a slowing economy. The Toronto-based specialty toy and children’s book retailer owned by Birch Hill Equity Partners Management Inc. characterized the decision to file for the protection as “difficult but necessary.” It said the move was the product of increasing competition, disruptions from the COVID-19 pandemic and more recently, a deteriorating macroeconomic environment. “Despite 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’s business have become too significant to overcome,” Mastermind said in a press release.…
