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MEC Sold to U.S. investment firm


goalie13
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I heard some stories MEC was in trouble a while back.  I guess this confirms it...

 

https://www.theglobeandmail.com/business/article-outdoor-recreation-retailer-mec-sold-to-us-private-investment-firm/

 

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Struggling sports and outdoor recreation retailer MEC obtained court protection from creditors and agreed to be sold to private investment firm Kingswood Capital Management LP, ending the retailer’s 49 years as a cooperative.

The retailer, formerly known as Mountain Equipment Co-op, had been losing money and was battered by the coronavirus pandemic this year. California-based Kingswood has created a B.C.-based affiliate to run the business, and appointed a new CEO, Canadian retail veteran Eric Claus. Terms of the transaction were not disclosed.

 

I wonder what this will do to MEC's customer base?

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3 minutes ago, Robert Long said:

depends on what happens to pricing, which has been going up. its too bad, I hate to see local companies go down like this. 

Although, I suppose being bought out, even by an American firm, is still better then going out of business.

 

I wonder... did they get away from their core business too much, or was it just unsustainable?  They seemed to be building these fancy stores more and more and maybe they just couldn't afford it.

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Just now, goalie13 said:

Although, I suppose being bought out, even by an American firm, is still better then going out of business.

 

I wonder... did they get away from their core business too much, or was it just unsustainable?  They seemed to be building these fancy stores more and more and maybe they just couldn't afford it.

I'm not sure. I've been going there for a long time, I've noticed they did move away from much of their more lets say "economical" gear to a lot of higher end stuff but maybe they had to. Maybe Amazon is killing them on some stuff too. I do have an REI membership so I might end up just going to Bellingham now, they tend to have a better selection now for stuff we're interested in. 

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49 minutes ago, goalie13 said:

I heard some stories MEC was in trouble a while back.  I guess this confirms it...

 

https://www.theglobeandmail.com/business/article-outdoor-recreation-retailer-mec-sold-to-us-private-investment-firm/

 

 

I wonder what this will do to MEC's customer base?

Sad news. They just lost me if I can find a Canadian owned source. I own 9 tents...7 from MEC. So they already got their money out of me. :)

 

 

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1 hour ago, goalie13 said:

I heard some stories MEC was in trouble a while back.  I guess this confirms it...

 

https://www.theglobeandmail.com/business/article-outdoor-recreation-retailer-mec-sold-to-us-private-investment-firm/

 

 

I wonder what this will do to MEC's customer base?

Solid products they carry without a doubt but increasingly trending away from the weekend outdoors-type who can't afford the pricier products. Then again when you have locations in places like the North Shore you don't need to worry about the not so invested types right.

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3 hours ago, Robert Long said:

depends on what happens to pricing, which has been going up. its too bad, I hate to see local companies go down like this. 

So sad to see the local die... as it was started and run by backpackers and campers looking for better deals, I think our hopes are lost. We’ll get a US firm that has profit as a mandate.

 

2 hours ago, Mike Vanderhoek said:

Solid products they carry without a doubt but increasingly trending away from the weekend outdoors-type who can't afford the pricier products. Then again when you have locations in places like the North Shore you don't need to worry about the not so invested types right.

Very true. They’d gone full high end four season outdoorsman, and a ton of bikes. I found less and less over the years for myself. I used to use them for smart fabric base layers and solid no-gimmick gear, but those days were done already.

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1 minute ago, Ghostsof1915 said:

Bye Bye MEC? 

In some ways I feel like they had been gone for a while.  I have been a member for over 30 years and it's just not the same place it used to be.

 

6 minutes ago, Ghostsof1915 said:

Doesn't a co-op need permission from it's members? 

If the alternative was bankruptcy, does it really matter?

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Just now, goalie13 said:

In some ways I feel like they had been gone for a while.  I have been a member for over 30 years and it's just not the same place it used to be.

 

If the alternative was bankruptcy, does it really matter?

I suppose. But you are right, it's not the same place it used to be. I think they spent too much money renovating, and upgrading their locations. 

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1 hour ago, StealthNuck said:

MEC then: Somewhat local, quality goods and fantastic customer service.

MEC now: Mass produced garbage sold at ridiculous prices, customer service worse than Home Hardware. 

 

It's been a long, steady, terminal decline. 

Absolutely correct. 
 

Back in the day it was a true ‘co-operative’. 
 

All good things come to an end, unfortunately, when money or lack thereof come into the mix of things people like. 

Edited by Sharpshooter
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