MEC in reecievership

[paulster2626]

My MEC tent is still going strong after all these years, and I always liked hitting up that store for bits and pieces. Always liked their stuff, for the most part. Guess I'm a poser douchebag.

[danmelon]

My MEC tent is still going strong after all these years, and I always liked hitting up that store for bits and pieces. Always liked their stuff, for the most part. Guess I'm a poser douchebag.

Same here. I have probably shopped at MEC more than i would like to admit. They had all the stuffs though.

[waxman]

that isn’t confined to MEC similar issues with a couple other Canadian retailers (not outdoors) ime.

true, but that's mostly since covid and supply chain shipping issues, MEC has been like that since they were in a basement in Calgary

If i had known camp fuel and freeze dried food (and bikes, missed the boat there) were going to sell like they did this summer (and that suppliers were going to run out in June) I'd be booking heli trips all over the place this winter, now i just hope skis/winter will be continue on

[pureantigravity]

Save MEC legal fund
https://www.gofundme.com/f/save-mec-legal-fund?


Already $21000 raised. Keep MEC a Canadian Coop.

[xyz]

Save MEC legal fund
https://www.gofundme.com/f/save-mec-legal-fund?


Already $21000 raised. Keep MEC a Canadian Coop.

Let MEC die. Management drove it into the ground. They don’t deserve a second chance.

[pureantigravity]

Save MEC legal fund
https://www.gofundme.com/f/save-mec-legal-fund?


Already $21000 raised. Keep MEC a Canadian Coop.

$ 37,358 raised of $ 50,000 goal
Nearly there!

[skiitsbetter]

Always liked their stuff, for the most part. Guess I'm a poser douchebag.

Yup, you're supposed to have pro-deal on everything which erases the store margins, but you still claim that you support the local climbing/bike/ski store. Or money is no object and only stingy people worry about the price of their gear. Or you are savvy and buy used.

My version of MEC is only 15 years old, but I remember they were always able to source out some cheaper off-brand or private brand alternatives that would do the job while everyone else was trying to hawk expensive Park Tool, Arc'Teryx, etc... My Filzer multitool and MEC backpacks have been going strong since then.

People seem to think that Atmosphere/Sport Chek or Campers Village will take over. Both have been unable to sell cross country ski gear, climbing gear, or bike parts.

[goldenshowers]

People seem to think that Atmosphere/Sport Chek or Campers Village will take over. Both have been unable to sell cross country ski gear, climbing gear, or bike parts.

Valhalla Pure Outfitters may be able to help, free shipping on orders over $49.

[xyz]

Valhalla Pure Outfitters may be able to help, free shipping on orders over $49.

Yes! I just rediscovered VPO. Bought something online yesterday.

[mntlion]

I just sent in my request to get back my shares, as I havn't bought anything from them in 15+ years. See how much that is now?

MEC has done a lot of good in the past, but mostly useless currently, and has done a lot to hurt small, local, mom/pop retailers.

Its time has come and gone. thats OK, most business fail

[knowsam]

Just realized I’m still holding a big MEC gift card. I wonder if I should hurry up and spend it while I still can, or if the new owners will honour it? Maybe there will be a big inventory reduction sale coming up, or maybe not?

I'm not an insolvency lawyer so it's not legal advise, but I think you're an unsecured creditor - once the senior debt is paid, if you get in the pool of unsecureds (a bit of paper work) hen, if there is any money left, it gets split pro rata.

[XXX-er]

Eat shit Yankee oppressors !

https://www.vancouverisawesome.com/v...ZFJLMRJ3PGFP0Q

“Kingswood misses the point entirely,” Harding said in response to the letter, “Members aren't upset about points or programs, it's that they're trying to take our co-op from us.”

“An American private equity firm with five employees cannot buy a five million-member Canadian co-operative whose owners refuse to sell.”

[pureantigravity]

$ 96,158 raised of $ 50,000 goal

[xyz]

$ 96,158 raised of $ 50,000 goal

Excellent priority. Raising money for lawyers for a company that killed itself.

[altasnob]

In 2019, the retailer lost a reported $11.487 million on annual sales of $462 million—a harsh slump that capped years of disappointing performance.

A Special Committee of the Board engaged in an extensive examination of options to address the persistent financial issues. As part of the review, the Special Committee, in concert with expert advisors, sought refinancing from over 65 potential lenders, proactively explored and leveraged applicable government support programs, and examined funding MEC through voluntary member assessments.

Ultimately, a sale was the only option that would save MEC from bankruptcy or liquidation.

Organizers of Save MEC said "we're trying to get representation so we can actually suggest alternatives." Asked what those alternatives might be, members of Save MEC have shown widespread support for increased, ongoing member dues. For many years, MEC has charged members a one-time fee of $5. "I think a lot of people would be willing to give $5 a year, or even more. People pay $60 or $70 a year for their Costco membership."

https://www.mec.ca/en/article/a-mess...d-of-directors

https://www.snewsnet.com/news/mec-me...ve-the-company

[teamdirt]

Who are the morons donating the funds to a lost cause. The nail is in the coffin. The deal is Signed, approved and done by the Mec president under the CCAA. Ur donated funds to fight are just wasted money making lawyers richer....

[nickinbc]

Why not set up a new co-op instead of trying to 'save' a big box store that stopped being a member lead co-op years ago? However that would require a lot more commitment than starting a gofundme page.

[eldereldo]

"I think a lot of people would be willing to give $5 a year, or even more. People pay $60 or $70 a year for their Costco membership."

And every year I get a credit which is usually more than the yearly cost of my Costco membership based on a percentage of my purchases, MEC had to be forced by the government to do the last refund they gave out.

[Cocximus]

No more voile straps? That's the final nail, they are dead me.

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[dufferdan]

If you look at MEC’s balance sheet and income statements, the last one was 2018-2019, February year end. None put out in 2020.

As of those financials, net sales margins were very negative ( gross a very slight positive), most of the buildings they owned had been sold and leased back, so MEC no longer owned a lot of the real estate, and what wasn’t owned was pledged to the lending syndicate as collateral for the loans.

The “equity” left over was likely less than zero, so members really have no claim. Once a company goes CCAA, equity holders are the last in line for financial scraps after all the more senior creditors are paid out.

I don’t think they had paid out loyalty shares since 2016 or 2017. Members who want to save the company should have activated back then. The horse has left the barn.


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[waxman]

If Canadians want to send my little store 60 or 70 bucks a year I'll happily call it a club or something special for you. We generally price match on anything in Canada sometimes we are the lowest to start with. Sometimes we aren't but it's all good stuff that works.
Special right now for all the MEC members Rottefela NTN Freedoms in small for 90% off disregard the price on the link and call the store directly.
https://www.theguideshut.ca/snow/bin...&brand=1547154

[Gcooker]

If Canadians want to send my little store 60 or 70 bucks a year I'll happily call it a club or something special for you. We generally price match on anything in Canada sometimes we are the lowest to start with. Sometimes we aren't but it's all good stuff that works.
Special right now for all the MEC members Rottefela NTN Freedoms in small for 90% off disregard the price on the link.
https://www.theguideshut.ca/snow/bin...&brand=1547154

How many pairs of Full Tilt Ascedants in 28.5 do you have in stock? Looking to pick some up but won't be in your area until the snow starts.

[waxman]

How many pairs of Full Tilt Ascedants in 28.5 do you have in stock? Looking to pick some up but won't be in your area until the snow starts.

1 29.5 left from last year, 2021 has not arrived yet.

[Gcooker]

^^ thanks. I’ll pop in the store early December!


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[dufferdan]

I'm not an insolvency lawyer so it's not legal advise, but I think you're an unsecured creditor - once the senior debt is paid, if you get in the pool of unsecureds (a bit of paper work) hen, if there is any money left, it gets split pro rata.

Gift card, I am guessing, should still be good. They haven’t, as far as I have seen, announced gift cards as going away. They are, in most provinces, treated as cash equivalents and must be treated as such.


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