What happened to MEC Vancouver?
Still, the decision to sell came as a surprise to members of the co-operative. The idea of wealthy American investors swooping in to dissolve the co-op structure and take over the retailer was unthinkable to some Canadians. A group called Save MEC was launched and a petition circulated in a bid to stop the sale.
Is MEC closing in Canada?
The Brampton Guardian first reported last week that MEC, which was sold last year to the U.S.-based private equity firm Kingswood Capital Management, will close the Brampton facility “by the end of May, eliminating dozens of jobs.”
Where is MEC based?
Vancouver, British Columbia
MEC (as a co-operative) was Canada’s largest supplier of outdoor equipment. Following its founding in Vancouver, British Columbia in 1971, MEC expanded across Canada and grew to operate stores in 20 cities….Mountain Equipment Co-op.
Type | Cooperative |
---|---|
Industry | Outdoor equipment |
Founded | 1971 in Vancouver, British Columbia |
Who is the founder of MEC?
Sara Golling and her university friends founded the outdoor gear co-operative almost five decades ago in Vancouver. They offered $5 memberships, operated out of a van and sold affordable mountain climbing gear.
What is happening 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.
Who bought MEC?
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.
What’s happening with MEC?
Are MEC and REI the same company?
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.
Did MEC Vancouver move?
Outdoor apparel and equipment retailer MEC (Mountain Equipment Co-op) is gearing up to relocate its Vancouver flagship to a new and expanded space. The three-storey building will be 60,000-square-feet, but what’s most interesting is MEC’s new location.
What has happened to MEC?
MEC, which lost $23.5 million on $462 million in sales in 2018/19, could have turned to the broader co-op family for the capital it needed to keep its business afloat rather than seeking refuge in bankruptcy.
How many employees 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. We launch MEC Outdoor Nation, a movement that focuses on getting young people outside. 2016 MEC opens new stores in Kelowna, Laval, South Edmonton and North York.
Did MEC go out of business?
As shocking as the news was that MEC had been sold to American private equity firm Kingswood Capital Management, it likely did not come as much of a surprise to some members, who had been increasingly held at arm’s length from the co-operative board.