MEC members launch petition to cancel sale to US investor

Cornelia Mascio
Settembre 16, 2020

This will allow MEC to continue operating its retail business while the acquisition is completed. It said it would accept gift cards and honour warranties during this period.

"MEC is an iconic brand founded on strong values and has a loyal following", said Kingswood's managing partner, Alex Wolf. Financials details of the transaction weren't disclosed.

In a Change.org petition titled "Save MEC", Paul Finch calls on Vancouver-headquartered MEC to nullify the deal and conduct immediate board of director elections. Claus said he looks forward to upholding MEC's core values and further enhancing the experience for members.

The Canadian outdoor store has been having financial troubles for some time, and they were exacerbated by the COVID-19 pandemic.

"After careful consideration of all viable options, the Board made this hard decision", said MEC's Board Chair Judi Richardson. Kingswood's commitment to honouring the MEC ethos and the solid financial footing that this transaction will provide gives us tremendous confidence in the future.

MEC has successfully obtained court protection under the CCAA proceedings.

"MEC is a $500 million a year business with tremendous wealth in real estate assets". Kingswood has committed to acquire the vast majority of retail stores.

At the end of the transaction, MEC will be a privately-owned company.

The sale is still subject to court and regulatory approvals but is expected to close by the end of the year.

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