Toys “R” Us Canada receives court permission to put itself up for sale

Toys “R” Us Canada has received court permission to put itself up for sale.

An Ontario judge approved Wednesday a process that will see the retailer solicit investments in the company or choose one or more buyers for the business or its assets by June.

The business, owned by Ancaster-based Putman Investments, filed for creditor protection in February.

Court records show its assets are valued at $126.8 million.

The business will have at most 18 stores by the time a potential sale wraps.

Offers will be collected in May with a buyer chosen in June, possibly through an auction, if there are enough bids.

The company expects to seek court permission for any sales in June with a deal likely closing in July.

It’s possible a buyer will scoop up the entire business or multiple purchasers will buy pieces of Toys “R” US Canada.

Earlier in February, more store locations in Ontario were set to close, including in Newmarket and St. Catharines.

With files from The Canadian Press.

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