April 23, 2019
Best Made Toys International, a Toronto, Ontario-based manufacturer of plush toys for the wholesale market, was placed in receivership on April 23 on application by BMO, owed approximately $30.1MM. Founded in 1952, the company supplied products to major North American retailers such as Walmart, Target and Kroger but recently had been unable to meet customer demand due to manufacturing and supply chain disruption, which led to widespread order cancellations, penalties, large accounts receivable write-offs and lost future business. A sales process was conducted in March but failed to generate any bids for the business. Deloitte was appointed receiver. Counsel is BLG for the applicant and Goodmans for the company.