MEC sold to private investment firm

Discussion in 'Canada' started by jfman, Sep 15, 2020.

  1. HarveyM

    HarveyM Been here awhile

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    #41
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  2. GreatWhiteNorth

    GreatWhiteNorth Long timer

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    #42
  3. shuswap1

    shuswap1 Long timer

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    The board reportedly has avoided significant member input and has pulled out the *extreme urgency* argument to force a quick sale. Disgraceful behavior and leaves a sour taste in one's mouth about conduct by board members, not just at MEC but elsewhere as well. Sure begs the question as to how in hell they select board applicants. What?.....More educational degrees = competency? Please!!... nothing could be further from the truth, at least based on my own experience in almost 50 years of small business.
    #43
  4. OntarioHawk

    OntarioHawk Been here awhile

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    #44
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  5. wos

    wos Long timer

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    I'll be among the first to sign onto a class action lawsuit to regain control of my personal data that the board decided to sell. They had no right to do that without asking the membership.
    #45
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  6. GreatWhiteNorth

    GreatWhiteNorth Long timer

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    I wonder how much my $5 membership with 40 years of compounded interest is worth? Shouldn't they be returning that to members if they sell out and go private? They are basically bankrupt/insolvent ATM, so likely can't restock merchandise (who would sell to them!?), and must be just selling off remaining stock.

    Crazy thing is no mention of any of this on their website, no updates - no firesale prices either... they appear to be carrying on as per normal (and look where that got them).
    #46
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  7. HatesSnow

    HatesSnow Waiting for Summer

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    This article seemed to hit the nail on the head on how the board became so inept...

    https://theconversation.com/the-mec-debacle-is-a-predictable-and-avoidable-governance-failure-146513
    #47
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  8. RustyCanuck

    RustyCanuck n00b Supporter

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    My first post on this forum, I was a member of MEC for 30 years but sold it back a couple of years ago when they got into not carrying brands for political reasons.
    FWIW, I received a cheque for $160 or so, glad I got out then. A real shame, used to love that place and still have a bunch of gear that sees regular use.
    #48
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  9. BetterLateThanNever

    BetterLateThanNever It turns out you can't delete your account...

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    MEC was too ambitious for its own good, IMHO. When they rebranded a few years back, it signaled their desire to become a full blown sporting goods retailer, where what they'd always been was a place for people who preferred to avoid those. They bought the new logo and trade dress, but didn't appear to have a strategy to go with them. How in the blue hell a company that sells outdoor gear could struggle this year is a mystery for the ages, but it seems like proof the decision makers were long on vanity and short on ideas.

    Amazon wins this one without a shot being fired. It's sad to see.
    #49
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  10. MGV8

    MGV8 Long timer Supporter

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    They must be doing OK, I'm still getting all the SPAM Emails from them. :D
    #50
  11. 250senuf

    250senuf Long timer

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    BINGO!
    #51
  12. GP640

    GP640 Long timer

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    Really? As far as I know, your membership that was purchased for $5 is only worth $5 and any added value is returned as a share of profits based on your
    total annual purchases.
    Neither here nor there I guess now that no member save the board has f all input and really hasn't for years unless they wrote a letter begging for inclusiveness.
    I'm not against inclusiveness but I did laugh after the initial commitment to have more diversity in the "catalogue" when they announced that they would also
    be marketing to the trans population. I'm not sure how that works.
    #52
  13. Gerald_G

    Gerald_G mostly still a noob.

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    When I saw them start carrying the Coghlan's line of camping gear...... I can buy that at local gas stations if I were to want something.
    #53
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  14. uncle m

    uncle m Been here awhile

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    @GP640, @RustyCanuck is correct. MEC didn't return all the added share value as dividends. My company's $5 share ended up being "worth" about $300 when I ceased operations, and I did get that back on request. No idea what my personal share is worth (member since 1974), but theoretically there's far more than just $5/share x 5 million members of value on paper.
    That, and the new owner receiving 5 million member's personal data and purchasing history, in my mind makes the sale an even worse deal for co-op members.
    #54
  15. sturgeon

    sturgeon Long timer

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    These days, sadly, the value in a company like this is mostly the intellectual property and the personal data in the customer database. I don't think MEC has a ton of the former, but the latter will be a goldmine. Get yer spam filters ready for the onslaught of marketing email. I suspect that at this point, it's already too late to change your profile to use a burner email address.

    Re: business as usual. I've ordered a few things in the past month or so, replacing some worn-out stuff after my most recent canoe trip. Virtually all of it was shipped from one MEC store or another, rather than their usual warehouse in Vancouver. If that ain't store stock liquidation with a mostly empty warehouse, I don't know what is.
    #55
  16. HarveyM

    HarveyM Been here awhile

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    Well, a judge will decide tomorrow if the sale will be delayed to allow the Co-Op's membership find alternative funding. Fingers crossed.
    #56
  17. 250senuf

    250senuf Long timer

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    Just heard on CBC radio that the judge ruled that the sale can proceed.
    #57
  18. sillymike

    sillymike Yep! That's me...

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    I kinda miss the "old" MEC (joined in the early 90's) when they focussed more on selling affordable quality gears, and less on political activism... This been said, in its current state of affair, it won't be much of a loss.

    They've gone a long way downhill from selling hiking and mountaineering gears... to have full display of yoga pants and pet food.
    #58
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  19. Some_Dude

    Some_Dude Been here awhile

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    That could also be COVID related. I’ve been looking for a couple of things all summer and all the non-MEC outdoor stores I’ve been to in both Edmonton and Thunder Bay have been having difficulty getting stock in. Look at the shelves and there’s two or three products filling a whole section because it’s what they have left.

    FWIW - I was never a MEC member. By the time I finally moved to a city that had one it was 2013, and when I walked around it seemed like it was more of a clothing store that sold some outdoor stuff. I didn’t understand the hype and shopped somewhere else that had better parking and no membership requirements.
    #59
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  20. 2dogs1cat

    2dogs1cat Cole Harbour Kid

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    I lost interest in MEC when the Board was telling the membership who to vote for before an election.
    #60