Mountain Equipment Co-op Sold To Private U.S. Investment Firm
Update: October 2nd, 2020 - Sadly, the sale has been approved.
After reportedly losing 11 million last year, Mountain Equipment Co-op was sold to private U.S. investment firm Kingswood Capital Management today. Their board of directors unanimously approved the deal which will have Kingswood acquire MEC's assets, including the majority of its retail stores. Kingswood has created a B.C. based affiliate to run the business and instated Eric Claus as the new CEO for MEC.
This will also mean that MEC (which first opened in 1971) is no longer a member owned co-operative. As long as the deal passes regulatory approvals, it will close the fourth quarter of 2020. The change-over could also mean that some of the retail locations will close plus putting the new 20,000 square-foot store at Midtown Plaza in Saskatoon, Saskatchewan (the Co-op’s first retail location in Saskatchewan) in jeopardy.
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