Who bought Mountain Equipment Co-op?
Kingswood Capital Management’s
Mountain Equipment Co-op (now called 1077 Holdings Co-Operative) is a Canadian co-op that started the MEC outdoor gear retail brand. The MEC brand name, assets and store leases were purchased by the American private investment firm Kingswood Capital Management’s subsidiary Mountain Equipment Company in October 2020.
How is MEC doing?
MEC had lost roughly $80-million between 2017 to 2020 (excluding gains from real estate transactions), and the pandemic only made things worse. In the first seven months of its most recent fiscal year (which began in late February, 2020), MEC lost another $20.9-million.
How many members does Mountain Equipment Coop have?
2015 MEC now has more than 2,000 employees and 4.5 million members.
What is happening with Mountain Equipment Co-op?
Last September, deep in debt and with rising losses, Mountain Equipment Co-op filed for creditor protection and announced its sale to U.S.-based private investment firm Kingswood Capital Management.
Is MEC not for profit?
Simply put, this is because of the non-profit COOP status of MEC. This status exists because of a loophole in the cooperative act that the founders of MEC were able to take advantage of. This act was put in place originally for farmers looking to get fair prices for their crops.
Where is Mountain Equipment manufactured?
We design products for our owned brands, and we have strategic manufacturing partners in China, Vietnam, Myanmar and Hungary.
Is MEC no longer a co-op?
The company, founded in 1971 as Mountain Equipment Co-op, may have dropped that last word from its rebranding in 2012, but it was still technically operating as a co-operative until the sale. Unlike a conventional business, a co-operative is owned and managed by members, who set policies and make decisions.
Is MEC closing in Canada?
The company announced it would be closing its distribution centre in southern Ontario at the end of this month, cutting roughly 60 positions and outsourcing the work.