Japanese-inspired variety retailer MINISO is opening up a massive new store in downtown Toronto on the corner of Queen St. West and Simcoe Street. The new MINISO Queen West store will be located underneath the Smart House condo building just steps from Osgoode Subway Station. The new retail space will occupy most of the building's first floor, reports Style Democracy.
Established back in 2013, MINISO instantly became a fan-favourite for selling curated electronics, beauty, kitchenware, and home furnishings product lines under $5 a piece.
But just months ago, MINISO Canada caused consumers to worry when its parent company, MINISO China, filed for an Application for Bankruptcy Order against MINISO Canada in the Supreme Court of British Columbia. According to an exclusive report by Retail Insider, MINISO's parent company claimed that Canadian division of the brand reportedly owes an excess of $20 million dollars.
The 50% off anniversary promotion apply to all Miniso Canada store 🇨🇦 🎊🎊🎊🎊🎊🎊🎊🎊🎊🎊🎊Check your favorite miniso store today !🎉enjoy 50%off selected item From March 8- March 31 #minisocanada #minsio2yearsanniversary #50%off #promotion pic.twitter.com/KRbRxhJ4VP
The debt had been accumulated from the issuance of Canadian, U.S and Chinese Yuan Renminbi debts, in addition to supplementary requests to cover the expense of interest payments.
MINISO China had reported that MINISO Canada had demonstrated fraudulent behaviour in its business dealings by "transferring and hiding assets". At that time, MINISO Canada responded by denying the claims.
@MinisoCanada is celebrating their 2-years anniversary in a big way🎉! Receive 50% off 🏷on select items until March 31. From electronics, toys, health, home, lifestyle, stationary and everything in between, they are your go-to, affordable lifestyle brand. #UpperCanada pic.twitter.com/EU9luGJ54W
Ultimately, MINISO Canada and its parent company resolved their legal issues by settling outside of court. Just a few weeks ago, MINISO China announced its taking over of the company's Canadian operations, referring to its plans of "strong growth in Canada in the future."
Currently, MINISO has just under 20 retail outlets throughout Ontario. According to MINISO’s website, the company's original goal was to open a whopping 6000 stores worldwide by 2020, and “has averaged at 80 to 100 store openings per month."