Did MEC move in Vancouver?
“Relocating MEC Vancouver nearby our existing location boils down to having a bigger, better and more accessible store to serve our 400,000-plus members who live in the Greater Vancouver Region,” said CEO David Labistour.
What is going on with MEC?
MEC had lost roughly $80-million between 2017 to 2020 (excluding gains from real estate transactions), and the pandemic only made things worse. In the first seven months of its most recent fiscal year (which began in late February, 2020), MEC lost another $20.9-million.
Can you still shop at MEC?
We do not currently have any MEC locations outside of Canada, but members are welcome to use mec.ca from virtually anywhere in the world.
How many MEC stores are there in Canada?
21 stores
MEC now operates 21 stores in Canada. Of those, five are in British Columbia, three are in Alberta, one is in Manitoba, one in Nova Scotia, five are in Quebec, and six are in Ontario.
How many MEC stores are there?
In 2017, it was reported that 36% of the products sold by the MEC were its own brand. The organization had 22 retail stores and 2,450 employees. Kelowna, Laval, South Edmonton and North York had brand-new MEC stores and the store in London, Ontario had been relocated.
How many members does MEC have?
2015 MEC now has more than 2,000 employees and 4.5 million members. Members receive a share redemption of $5.4 million.
Is MEC really a coop?
Postmortems started quickly, with some zeroing in on MEC’s business model. 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.
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.
Can I get my $5 back from MEC?
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.
Who is buying MEC?
Kingswood Capital Management
Los Angeles-based Kingswood Capital Management is buying the outdoor goods retailer through the Companies’ Creditors Arrangement Act.
Is MEC owned by REI?
The MEC brand name, assets and store leases were purchased by the American private investment firm Kingswood Capital Management’s subsidiary MEC Canada in October 2020….Mountain Equipment Co-op.
| Type | Cooperative |
|---|---|
| Fate | No longer operating; brand name and assets were acquired by MEC Canada |
| Headquarters | Vancouver, British Columbia |
Who owns MEC Canada?
Kingswood Capital Management, LP
MEC, which has about 5 million co-op members, will become a privately-owned company. VANCOUVER, British Columbia (BRAIN) — Mountain Equipment Co-op, Canada’s outdoor gear co-op, has agreed to be acquired by Kingswood Capital Management, LP, a Los Angeles-based investment group.