Is MEC closing down?

The company announced it would be closing its distribution centre in southern Ontario at the end of this month, cutting roughly 60 positions and outsourcing the work.

What happened to MEC shares?

Under the new ownership, the 22-location company will eliminate its co-op structure, ending the 49-year run of Canada’s largest consumer cooperative. The new CEO and longtime MEC member Eric Claus stated publicly that it’s “highly unlikely” the company’s five million members will get their $5 shares back.

Is MEC the same as Rei?

MEC was originally the brainchild of six Vancouver mountaineers who started in the 1970s making small, cross-border runs to outdoor equipment retailer REI, whose co-operative structure MEC shares.

When did MEC stop being a coop?

The company, founded in 1971 as Mountain Equipment Co-op, may have dropped that last word from its rebranding in 2012, but it was still technically operating as a co-operative until the sale. Unlike a conventional business, a co-operative is owned and managed by members, who set policies and make decisions.

How has MEC changed?

Mountain Equipment Co-op (now called 1077 Holdings Co-Operative) is a Canadian co-op that started the MEC outdoor gear retail brand. The MEC brand name, assets and store leases were purchased by the American private investment firm Kingswood Capital Management’s subsidiary Mountain Equipment Company in October 2020.

Why was MEC sold?

Another member said, “This sell out is a result of MECs board losing sight of the cooperative values, pivoting to a typical retailer and urban outfitter. Things started going downhill when they switched to MEC brand from Mountain Equipment Co-op.

What is MEC called now?

Why did MEC get sold?

Another member said, “This sell out is a result of MECs board losing sight of the co-operative values, pivoting to a typical retailer and urban outfitter. Things started going downhill when they switched to MEC brand from Mountain Equipment Co-op.

Is MEC still Canadian owned?

Mountain Equipment Company, or MEC, is a chain of Canadian retail stores that sell outdoor recreation gear, formed from the assets of the defunct retail co-operative Mountain Equipment Co-op. It is owned by the American private equity firm Kingswood Capital Management, which acquired these assets in October 2020.

When did MEC change logo?

2013
Back in 2013, MEC shifted our logo from a mountain icon to a simple green square. The response was, well, mixed. Actually – mixed might be an understatement. The response was that people really loved the mountain.

Is MEC in trouble?

To illustrate, net operating losses of MEC are $80 million for the period since 2017. The issues arising from increased costs, debt load, and liquidity strains continued into 2020, as evident in the fiscal year ending Feb. 23, 2020 – MEC experienced a net loss of approximately $22.7 million.

Why did MEC change its name?

Rebranding. In 2012, when MEC had 15 stores, its marketing name was changed from Mountain Equipment Co-op to just MEC, to reflect the changed focus of the organization.