Toys "R" Us Canada is significantly downsizing, closing at least 38 stores this year and listing another 12 for sale. Once boasting 103 locations, the toy retailer now operates only 40 stores across the country. This decline follows the acquisition and expansion efforts by billionaire Doug Putman, who took over the Canadian operations in 2021. The closures reflect broader challenges facing brick-and-mortar retailers, particularly as online shopping continues to grow. Putman had previously expressed ambitions for expansion, stating, "I would like to think that five, 10 years from now, we’ve got an awful lot of stores in the U.S. as well, and potentially maybe in other countries. Toys work everywhere." However, the current reality shows a stark contrast to those plans. Research indicates that seven properties are currently on the market for nearly $121 million, with five additional locations listed without disclosed prices. The total value of the real estate listings is likely much higher. A store in Barrie, Ontario, is also available for lease. The company’s former corporate headquarters in Vaughan, Ontario, is now vacant, and the Ontario labor ministry has activated its rapid re-employment and training service in response to the head office closure. Jenna Jacobson, an associate professor at Toronto Metropolitan University, noted that Toys "R" Us is following a trend seen in other retail chains. She stated, "I think that, with Toys 'R' Us right now, it’s almost like a silent story that exemplifies many of the stresses that are specifically being faced by brick-and-mortar retailers today." Founded in 1957 by Charles Lazarus, Toys "R" Us expanded into Canada in 1984. The chain struggled to compete with major retailers like Walmart and Amazon, leading to its U.S. parent company filing for bankruptcy in 2017. Fairfax Financial Holdings acquired the Canadian assets for about $300 million, and Putman later purchased 81 stores in 2021. Land title records indicate that the 12 properties for sale are owned by numbered companies linked to Putman. Documents suggest that Toys "R" Us owed Fairfax and related entities $270 million, secured by these properties. Sunil Mall, a Calgary real estate broker, is overseeing the sale of five locations in Alberta, which are being marketed as vacant properties for other businesses. Each store is priced at a minimum of $15 million. Mall noted significant interest from potential buyers, stating, "These are valuable sites that they’re sitting on." The closures have also resulted in job losses. In Quebec alone, nine store closures have led to 183 job losses this year. Lior Samfiru, an employment lawyer, reported that many employees have reached out for legal representation after being informed their jobs were ending. Despite initial optimism surrounding Putman’s acquisition, the current situation raises concerns about the future of Toys "R" Us in Canada. The company had announced plans to expand its store count to 103 locations, but only one of the new stores remains open. Putman, who previously worked at Everest Toys, faces challenges as his family’s company has also encountered financial difficulties, including a default on a loan from Toronto-Dominion Bank. The future of Toys "R" Us remains uncertain as it navigates these significant changes in the retail landscape.