Fundraisers, petitions, excuses and the fight to save the outdoor brand

It’s been one week since we learned that MEC was being sold to Kingswood Capital Management LP under the Companies’ Creditors Arrangement Act (CCAA) proceedings. In the past seven days, over $90,000 has been raised for an MEC legal fund and over 120,000 people have signed a petition to “save MEC.”

Prior related;

MEC TO BE ACQUIRED BY KINGSWOOD CAPITAL MANAGEMENT THROUGH CCAA PROCEEDING

Social media accounts dedicated to keeping the co-op Canadian have seen a flood of support by members around the world, including from organizations such Vancity Credit Union, the British Columbia Co-op Association (BCCA) and John Horgan, the premier of B.C.

Social media accounts dedicated to keeping the co-op Canadian have seen a flood of support by members around the world, including from organizations such Vancity Credit Union, the British Columbia Co-op Association (BCCA) and John Horgan, the premier of B.C.

MEC was founded as a co-operative and the sale to a private American company by a board (which was supposed to be replaced in July), who many believe created the problems it’s being sold for, justifiably doesn’t sit well with its member shareholders.

See;

A MESSAGE FROM MEC’S BOARD OF DIRECTORS

The latest financial report shows that the company has $389 million in assets and $230 million in liabilities. In the latest fiscal year, MEC had sales of $463 million and an operating loss of just over $26 million.

Many members have suggested that the co-op needs to refocus on core strengths and to stop further expansions, which is what Phil Arata was working on. Arata became the CEO of MEC in July 2019 after David Labistour retired.

For 49 years, Mountain Equipment Co-op has been a part of Canada’s outdoor communities, from rock climbing and skiing to paddling and camping. Whether saving MEC is a futile fight or not, it’s one that will go on.

Related;

MEC Sale to Private Owner will Negatively Affect Brand Trust: Expert

Source: Canadian Cycling