MEC Agrees To Takeover Deal By U.S. Investment Firm

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fairly difficult
The Vancouver-based retailer faced years of financial challenges and the pandemic made things worse.
Marta Iwanek via Getty Images People walk by a MEC store in downtown Toronto in 2015. MEC chair Judi Richardson said it was a "difficult decision" to sell the company.

VANCOUVER — Mountain Equipment Co-op (MEC) says its board of directors has unanimously approved a deal in which a Los Angeles-based private investment firm will acquire MEC's assets, including the majority of its retail stores. Vancouver-based MEC says the transition from a co-operative structure to a subsidiary of Kingswood Capital Management is needed to ensure a stable future for the business. The retailer said it has been granted court protection under the Companies' Creditors Arrangement Act (CCAA), allowing it to continue operating e-commerce and retail stores while the transaction and other elements of the plan are completed. It says it will accept gift cards and honour warranties during this period. No financial details were disclosed. Kingswood managing partner Alex Wolf said in a statement he is "honoured" to work with his new Canadian…
Jon Rumley
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