Mountain Equipment Co-op sold to private U.S. investment firm

The board of directors for Mountain Equipment Co-op, Canada's largest consumer co-operative, says it has unanimously approved a deal for a private investor to acquire MEC's assets, including the majority of its retail stores. Financials details of the transaction weren't disclosed. The retailer lost $11.487 million in 2019 on sales of $462 million, according to financial statements audited by KPMG and posted on MEC's website.

In July, it announced it was making 200 frontline staff permanent because of the COVID-19 pandemic.

"After careful consideration of all viable options, the Board made this hard decision", said Judi Richardson, MEC's board chair, in a statement.

MEC was founded in Vancouver in 1971, and now has more than five million members and 22 stores across Canada.

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They come and speak for them, they support them. "All kinds of promises are being made to the industry but never kept", she added. In a strongly-worded statement, she expressed that "People in the entertainment industry are being flogged by social media".

MEC has successfully obtained court protection under the CCAA proceedings.

It's going to be acquired by Kingswood Capital Management through the Companies' Creditors Arrangement Act.

The transaction remains subject to regulatory approvals and is expected to close in the fourth quarter of 2020.

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