What happened to Mountain Equipment Coop?
On September 14, 2020, it was announced that MEC’s assets, including the majority of its retail stores, would be acquired by private equity firm Kingswood Capital Management, LP in a deal under the federal Companies’ Creditors Arrangement Act.
When did MEC Open in Ottawa?
2000
MEC Ottawa opened in 2000. Before we started construction, there was a 40-year-old building on the site. We carefully dismantled it and then reused as much material as possible for our store. In the end, about 75% of the existing building (by weight) was incorporated into our store.
How many MEC members are there?
2015 MEC now has more than 2,000 employees and 4.5 million members. Members receive a share redemption of $5.4 million.
Who bought Mountain Equipment Co-op?
Kingswood Capital Management
This is what private investment firm Kingswood Capital Management acquired when it bought Canadian retailer Mountain Equipment Co-op. Not a brand, not a chain of 22 struggling stores, certainly not customer loyalty and definitely not a successful private branding sporting goods franchise.
Is MEC no longer a coop?
As part of the deal, MEC will no longer operate as a member-owned cooperative. It was granted protection under the Companies’ Creditors Arrangement Act, allowing it to continue operating while the transaction and other elements of the plan are completed.
What does MEC stand for store?
Mountain Equipment Co.
About MEC – Mountain Equipment Co. Free Shipping and a Rocksolid Guarantee. Search. My store: Set my store.
Does REI own MEC?
“We still own MEC. We’re member-owners. The board is supposed to represent the members and they’re not doing that, so we’ve had to start a movement to fight for our own representation.”
Has co-op been sold?
Shock and sorrow as Canada’s best-known co-op sold to US private equity firm. Mountain Equipment Co-op, with more than 5 million members, announced late on Monday that it will be acquired by the Los Angeles-based private investment firm Kingswood Capital Management.
Who is MEC being sold to?
Kingswood Capital Management LP
14, 2020. Struggling sports and outdoor recreation retailer MEC has obtained court protection from creditors and agreed to be sold to private investment firm Kingswood Capital Management LP, ending the retailer’s 49 years as a co-operative.
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