MEC in reecievership

[XXX-er]

that sounds like something I said, I say a lot of shit but I can't lie

cuz I can't even remember what I said 10 minutes ago,

either early stage dementia

or living in the moment

[bennymac]

Look on the bright side- you get to meet new people every day

[Shorty_J]

I always wondered why REI didn't move into the Canadian market like other American chain stores, particularly since they are headquartered in Seattle. Maybe MEC's troubles will prompt them to. Although at the moment, REI seems to be having the same problems MEC had. Everyone just buys everything on Amazon now anyway.

The kinds of things I bought from MEC are not something I would or even could get on Amazon.

Straying into selling fashions and crap that everyone else already sells is what exposed them to risk from Amazon competition in the first place.

Sent from my SM-A505W using Tapatalk

[Shorty_J]

The thing I can't figure out is who benefits from this sale?

It's not like the board, or anyone, holds a large share and wants to cash out. Maybe there will be huge bonuses for some paid staff like the CEO for "successfully recovering" or some shit like that?

I would think given that it's a not for profit they'd almost be just as good to collapse into the Ether and give away the remaining stock... yeah right.

And even before that, what kind of retarded board wants to aggressively expand a not for profit company? It makes no sense at all.

Sent from my SM-A505W using Tapatalk

[waxman]

member since 1984ish when they were in the basement in Calgary, stopped buying when they went all predatory on their purchasing practices on bike tools/ski wax
I cashed my "shares" out 2 years ago when they got all SJW on Camelbak for being owned by the same company that makes ammo/guns.

300ish dollars back

as others have mentioned they lost their way

[t.odd]

The thing I can't figure out is who benefits from this sale?

It's not like the board, or anyone, holds a large share and wants to cash out. Maybe there will be huge bonuses for some paid staff like the CEO for "successfully recovering" or some shit like that?

I would think given that it's a not for profit they'd almost be just as good to collapse into the Ether and give away the remaining stock... yeah right.

And even before that, what kind of retarded board wants to aggressively expand a not for profit company? It makes no sense at all.

Sent from my SM-A505W using Tapatalk

yeah, I'm with you...the whole thing is a bit bizarre. Even on CBC this morning the host was interviewing someone from the co-op world, and the host was spewing the standard "they needed business experienced people on the board" when talking about how they'd moved away from member focused to growth focus....what fucking experience? experience to run a successful co-op into the ground? Why is there this continued belief that "businessmen" know what the fuck they're doing at all times?

[waxman]

yeah, I'm with you...the whole thing is a bit bizarre. Even on CBC this morning the host was interviewing someone from the co-op world, and the host was spewing the standard "they needed business experienced people on the board" when talking about how they'd moved away from member focused to growth focus....what fucking experience? experience to run a successful co-op into the ground? Why is there this continued belief that "businessmen" know what the fuck they're doing at all times?

especially when they keep hiring dufuses from Best Buy and other mass market box stores instead of the outdoor industry, of course the way they were going they probably should have been hiring commercial real estate experts

[mntlion]

300ish dollars back

share price increase? Fuck: if I would have known that, I would have done the same

[Ted Striker]

Yeah, 300? Same here.

[waxman]

https://rq5862jalnt2ow16l1brj575-wpe...l_Transfer.pdf

it's probably too late but here was the form to cancel your membership

let me know if it still works

There was a pretty good pushback from the hunting/shooting community when they pulled that crap I knew a couple of guys that got thousands back and promptly went and bought ammo/guns etc

[ex-powderbroker]

I looked at the board and board recommendations for this year...

They had all these peeps with fancy educations and big box. WTF, had no one realized big box has been getting slaughtered for a decade? Coop members should be allowed to sue for negligence.

^^^

that link didnt paste properly. of course i bought in pretty high in 2016, so maybe my 5$ is only worth about 1.75$ now.

[waxman]

i sent the pdf to mntlion maybe he can just post it as TGR hates my pics right now

[shirk]

i sent the pdf to mntlion maybe he can just post it as TGR hates my pics right now

https://rq5862jalnt2ow16l1brj575-wpe...l_Transfer.pdf

Redemption of Shares.

[Gcooker]

MEC can get fucked. They put so many good mom and pop outdoor stores out of business with their business model, favorable tax laws and shitty home branded products.

Good riddance (sucks for staffers though)

[altasnob]

MEC members launch petition to cancel sale to US investor. Change.org petition had nearly 6,000 signatures as of Tuesday morning. Are they willing to cover the $11 million loss MEC had last year?

[weibo]

A special levy of $2.50 on every member would cover the last year loss. The current year loss and called in credit seems to be more on the line of $20 per member.

[nickinbc]

The thing I can't figure out is who benefits from this sale?

It's not like the board, or anyone, holds a large share and wants to cash out. Maybe there will be huge bonuses for some paid staff like the CEO for "successfully recovering" or some shit like that?

I would think given that it's a not for profit they'd almost be just as good to collapse into the Ether and give away the remaining stock... yeah right.

And even before that, what kind of retarded board wants to aggressively expand a not for profit company? It makes no sense at all.

A co-op isn't a limited liability company. Anyone know if directors of a co-op might be liable for losses - especially if they are found negligent?

[Shorty_J]

A co-op isn't a limited liability company. Anyone know if directors of a co-op might be liable for losses - especially if they are found negligent?

If that's the reason that's super fucked.

Sent from my SM-A505W using Tapatalk

[altasnob]

Negligent? What brick and mortar retail isn't on the brink of bankruptcy right now.

[BCMtnHound]

Put me down as another member from the 80's that felt the company lost its way in the new millennium. Especially since I never lived in a city where/when there was a brick and mortar outlet - the vast majority of my purchases there over the years were by phone/online. I could never fathom why they continues to open stores, and then multiple stores in the same city. All those fancy executives from 'industry' where unchecked growth was the only business model they know. So far beyond the original concept that made the original brand what it was. Very sad, but I suppose the membership got what we voted for.

[XXX-er]

Consider maybe we got the store we deserved cuz it is after all a coop

the early members were UBC varsity outdoor club people,

some pretty out there folks back in the 70's

the new members are the new members

[xyz]

Well at least they are folding and getting snatched up by vulture capitalists instead of getting a tax payer funded bailout, then folding.

[Cocximus]

I went in to MEC to pick the salomon brakes I scored and the store looked like a toilet paper aisle in march. Most items did not have a price tag. They said they don't have enough staff to bring out the stock and place the price tags.

I feel sorry for the old MEC, I couldn't care less for the square MEC.

I am pretty happy decathlon is in Canada. They are a retail store that's probably doing just fine competing with Amazon.

[pureantigravity]

Everyone thinks they are an experts about MECs demise.
Retail is a fickle beast and it takes a lot to make retail work.

Especially when MEC started, back then online wasn't as big a competitor
to bricks n mortal stores. And even outdoor was still a fledgling industry.

I think they diluted their purpose a little to much,
and paid staff a little to little.

Tim Hortons is doing well,
in spite of the non-Canadian ownership.

They have always had staff that care.
I've always liked that about MEC.

[ex-powderbroker]

Well at least they are folding and getting snatched up by vulture capitalists instead of getting a tax payer funded bailout, then folding.

if they wanted to go that route they should have rebranded as CEM.

- out west me