People walk by a MEC store in downtown Toronto in 2015. MEC chair Judi Richardson said it was a “difficult decision” to sell the company.
The retailer said it has been granted court protection under the Companies’ Creditors Arrangement Act , allowing it to continue operating e-commerce and retail stores while the transaction and other elements of the plan are completed. It says it will accept gift cards and honour warranties during this period.
During the creditor protection process, Kingswood will negotiate with landlords on preserving the footprint of at least 17 stores, she said. “We did bring in new leadership under Phil Arrata. He joined in July of 2019, and he and the team put a turnaround plan together — and they were executing, and executing well, on that turnaround strategy,” said Richardson. MEC chair Judi Richardson
Can the shareholders reject the offer?
It should make for an interesting class action lawsuit, since MEC was not technically a co-op, despite their blatant claims to the contrary. Pretty sure there are laws on false advertising CompBureau ? MEC canadaforsale falseadvertising
💔💔💔
As a co-op member will i receive a share of that sale?
The only piss off is another good Canadian company in the hands of Americans 😑
Oh No! I love mec I didn’t know you could sell a Co-op!
And Patagonia is celebrating all its new customers! Fuck MEC