MEC goes down

3 posts / 0 new

Mon, 2020-10-26 02:53

Aristotleded24

MEC goes down

I'm surprised it took this long for this to be posted to the board:

Quote:
Iconic Canadian outdoor retailer Mountain Equipment Co-op has been sold.

The business said Monday that its board of directors unanimously approved a deal in which a Los Angeles-based private investment firm called Kingswood Capital Management will acquire its assets, including the majority of its retail stores.

As part of the deal, MEC will no longer operate as a member-owned cooperative.

My sense is that it has been a co-operative in name only for some time.

Mon, 2020-10-26 08:03

Unionist

Used to enjoy shopping there infrequently for special good-quality items - but haven't done so for years. My reaction when I heard the news was, "In the grand scheme of things... who cares?" Now I'm wondering whether the members had any say in this move, beyond the decision of the board of directors. I guess it depends on whatever the bylaws (or whatever) of the co-op say?

Mon, 2020-10-26 20:12

laine lowe laine lowe's picture

No, there was no involvement of MEC members. Given that you had to be a member to shop there, I guess reaching out to everyone would have involved a great deal of effort. It's a shame that the membership model proved to be more of a customer loyalty program than anything else.