MEC sold to US firm....

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Removed User 17 Sep 2020
 Doug 17 Sep 2020
In reply to Removed User:

Surprised it was even possible to sell the coop without the approval of its members. Wonder if I can find my membership card...

 George Ormerod 17 Sep 2020
In reply to Removed User:

Have you signed the petition?

 George Ormerod 17 Sep 2020
In reply to Removed User:

Better get your 10 year old ripped tent out and take it back for a replacement before the venture capitalists clamp down on the returns policy (I was standing behind someone at customer services doing this; he got away with it).

 Timmd 17 Sep 2020
In reply to George Ormerod:

I've always admired their ethics, and how they continue a model for years to save on resources.

 jimtitt 17 Sep 2020
In reply to Doug:

> Surprised it was even possible to sell the coop without the approval of its members. Wonder if I can find my membership card...


You probably will get a vote on finalising the deal BUT the alternative is almost certainly bancrupcy, MEC filed under CCAA (a form of creditor protection) and presumably the deal was the best they could arrange to stave off insolvency. And the board would be required by law to approve the best offer to protect the financial interests of the creditors and shareholders, hand-knitted socks from Inuits regardless.

 Timmd 17 Sep 2020
In reply to jimtitt:

It'll be partly due to continuing the same tent models for years to save on resources I suppose.

That's a shame.

Post edited at 19:33
In reply to Doug:

I didn't hear either about the CCAA filing. Or the proposed takeover.

Shame, because their own brand stuff was well designed and made, from good materials. And good value.

Removed User 17 Sep 2020
In reply to Removed User:

I always used them when I was in Calgary but wasn't sure that they were actually any cheaper except for their own brand stuff. I thought their own brand stuff was ok but it all depended on what I was looking for.

I've known for months that they were in trouble which I think was due ,in part, to an over aggressive expansion program. They were due to come to Saskatchewan but I doubt that will happen now, much to the relief of the local outdoor businesses.

 Neil Williams 17 Sep 2020
In reply to Removed User:

> I've known for months that they were in trouble which I think was due ,in part, to an over aggressive expansion program

There's a long history of outdoor suppliers who have fallen foul of that in some way - the latest in the UK is Go Outdoors, and it was *almost* the downfall of Cotswold too.

 jimtitt 17 Sep 2020
In reply to captain paranoia:

> I didn't hear either about the CCAA filing. Or the proposed takeover.

> Shame, because their own brand stuff was well designed and made, from good materials. And good value.


Bloomberg is a useful source for what is happening in the world! MEC have been on the ropes for years, losing money and laying off staff even before Covid hammered the last nail in the coffin.

In reply to jimtitt:

I was thinking more of the fact that I'm a Member... not as someone looking to make an investment...

In reply to Removed User:

That was my favorite outdoor shop when I lived in Calgary 25+ years ago. They liked me too: I had my house burgled and everything of value went including my climbing and camping gear, so I was able to go to MEC and spend several thousand dollars on new gear in one go! I'm still using a lot of that gear today.

The only US owner that would be a reasonable "fit" would be REI Co-op, which is a similar organisation - but much bigger. They have very good gear, but it's pricey.

Post edited at 22:15
 jimtitt 18 Sep 2020
In reply to John Stainforth:

Methinks REI has enough to do to survive without lumbering itself with a debt-ridden company in the same business.

cb294 18 Sep 2020
In reply to Removed User:

I would have thought that they would at least inform members, but I received no letter or email.

CB

 GrahamD 18 Sep 2020
In reply to Removed User:

When I used to have to go to Canada with work I spent any free time in MEC.  I have two MEC base layers and a nylon faced fleece (pre "soft shell" nonsense) which are over 25years old which are still my go to walking kit.


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