Major American companies wished to sell their toys in Canada, but did not open Canadian branches because of the lower population and tariffs which would generate less income for them.
The business found success with the help of the Hula Hoop, Slinky, Frisbee, and later on in the century with the popular Star Wars action figures, Care Bears and the Easy-Bake Oven.
With the use of performing Frisbee athletes Ken Westerfield and Jim Kenner, Irwin partnered with several major companies such as Lee Jeans, Orange Crush, and Air Canada.
As Irwin Toy faced financial and business difficulties, the company was sold to a private investment group, LivGroup Ltd. of Toronto in 2001 for approximately $55 million.
Eighteen months after the buyout, Irwin Toy, now owned by Richard Ivey and Jean Marie Halde of Toronto, declared bankruptcy and entered into creditor supported liquidation.