Mountain Equipment Co-op sold to private U.S. investment firm
15 Septembre, 2020, 17:19 | Auteur: Auguste Feret
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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