The owner of Toys 鈥淩鈥� Us Canada and HMV announced Thursday that it has purchased women's clothing retailer Northern Reflections Limited.
Putman Investments did not disclose the financial terms nor structure of the acquisition it said has already been completed.
"All stores have been included in the purchase and we look forward to serving customers at all our Northern Reflections locations across Canada," Doug Putman, who runs the Ancaster, Ont.-based firm, said in a statement.
"All stores will remain open and business will continue as usual."
Northern Reflections is 40 years old and has 134 stores and more than 860 employees who will continue to be led by president Maryann Darling.
Asked about how the brand may change under new ownership, Putman said he likes where Darling and her leadership team have taken the company and will "support the strategic plans the business has in place for the future."
Putman has been on a spending spree in recent years, purchasing Sunrise Records in 2014, HMV in 2019 and Toys "R" Us and Babies "R" Us Canada in 2021.
During the COVID-19 pandemic, the company bought 21 properties left vacant by Bed Bath & Beyond to launch dozens of Rooms + Spaces housewares stores, which have largely closed.
Putman also bought 45 DavidsTea locations when the beverages purveyor filed for bankruptcy protection in 2020 and turned them into a chain of tea shops called T. Kettle, which now lists just two locations on its website.
Putman confirmed last week that it was closing five Toys 鈥淩鈥� Us locations in Ontario but working to bring play spaces and expand HMV鈥檚 presence at some of the chain鈥檚 other locations.
This report by The Canadian Press was first published Jan. 9, 2025.
Tara Deschamps, The Canadian Press
