Toys "R" Us and Babies "R" Us (Canada) Receives Court Approval for Sale to Fairfax Financial

CONCORD, ON, April 27, 2018 /CNW/ - Toys "R" Us (Canada) Ltd. announces that it has now received both U.S. and Canadian court approval for its sale to Fairfax Financial Holdings Limited (TSX:FFH and FFH.U).  The transaction is subject to customary closing conditions, including remaining court and applicable regulatory approvals, and is expected to close this quarter.

"We are very excited to partner with Fairfax," said Melanie Teed-Murch, President of Toys "R" Us and Babies "R" Us Canada. "We are thrilled that more than 4,000 members of our team will be joining the Fairfax family and this transaction provides stability for all of our stakeholders, including customers, suppliers and landlords.  With this strong ownership, we will also now have the resources available to reinvigorate our stores, improve our customers' experience and grow our market leading position."

"Toys "R" Us has a 34-year track record of standalone profitability in Canada (over the last three years, revenue has exceeded C$1 billion annually and, for the last nine years, EBITDA has exceeded C$100 million annually).  With over two decades working in Canada for Toys "R" Us, Melanie has the experience necessary to lead the dedicated employees of Toys "R" Us for the benefit of all stakeholders, kids, families and communities across Canada," said Prem Watsa, Chairman and CEO of Fairfax. "We look forward to building for the long-term and allowing the Toys "R" Us team in Canada to re-invest in the business, instead of the past history of just sending earnings to the U.S."

About Toys "R" Us

Since 1983, Toys "R" Us Canada has been Canada's leading dedicated specialty retailer of toys and baby products. Recognized as Canada's trend authority in toys and baby products, the company brings national brands, exclusive products, innovative loyalty programs and unique partnerships to Canadians at its 82 stores across Canada and through its strong e-commerce sites Toysrus.ca and Babiesrus.ca. Committed to giving back to the community, the company's charity efforts focus on supporting children and families whether enhancing resources and services, helping development through play or offering distraction and encouragement to seriously ill children. For store locations and convenient online shopping, visit www.toysrus.ca and www.babiesrus.ca.

About Fairfax

Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.

SOURCE Toys "R" Us (Canada) Ltd.

Toys "R" Us: Carolyn Abbass, Paradigm, 416-413-5190, [email protected]; Fairfax: John Varnell, Vice President, Corporate Development, at [phone]