A bitter and jaded Santa Claus has become so fed up with centuries of enabling mankind's materialism and greed that he intends to retire after finishing this year's Christmas deliveries. In Greenwich, Connecticut, Jason Lightstone and his estranged wife Linda take their 10-year-old daughter Gertrude to her mother's mansion for a Christmas gathering. A group of mercenaries raid the house, taking the family hostage and revealing Santa's presence. As the night unfolds, Santa fights back against the mercenaries, using his ancient Viking past as "Nicomund the Red" to outmaneuver them and ultimately save Gertrude and her family from the clutches of the ruthless Mr. Scrooge.
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