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  #31  
Old 09-16-2020, 09:21 AM
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urban rednek urban rednek is offline
 
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Angry Criminals get rewarded, again. Must be virtue signalling progressives

So, a Woke executive team hijacked the company, stole the equity that belonged to the voting members, pushed the company into bankruptcy and then sold it to an American investment firm...did I miss anything?

Question:Why are they not facing criminal charges for theft (of members equity) and corporate fraud, for selling the company without a vote by the membership?
Answer: Because virtue signalling progressives are a protected species in Vancouver.

FTR- This is a technique the well meaning progressives (zealots) have been perfecting for years. AFAIK it originated from Greenpeace in the late 80's or early 90's. They infiltrate the executive of a non-profit charity with cash equity, redirect (steal) the cash to their preferred agenda, then convince the members that the charity desperately needs more donations (insert the horrors of failure here) to stay afloat. They continue to redirect the new funds until the donations dry up, or they identify a new target with more potential.
This technique was skilfully exported to the marketplace. Expect to see more examples in the future.
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  #32  
Old 09-16-2020, 09:58 AM
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SamSteele SamSteele is offline
 
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The loss of outdoor retail options in Canada is going to impact us all, whether we shopped at these specific stores or not.

Wholesale gone, Bass Pro buys Cabelas, Sail under protection, and now MEC likely being dismantled for the property assets. All that spells less options for us, the consumer, and increased prices at the locations that remain.

I’m not arguing that MEC execs didn’t run the business into the ground through a number of practices, but the loss of options hurts us all.


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  #33  
Old 09-16-2020, 10:16 AM
fishnguy fishnguy is offline
 
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Quote:
Originally Posted by Dean2 View Post
MEC got exactly what it deserved. It would not listen to its members, donated money it did not have, had a very bad inventory management system with a ton of dead stock and ran the stores into the ground. I do not see this as one more Canadian retailer going broke, LOTS of retailers are going broke in all countries and have for decades. What I see is one more example of absolutely crap Leadership and Management that ruined a perfectly viable business. Same as what UFA did to Wholesale Sports and Target did to their Canadian expansion, Eatons, Woodwards, and I could easily list 4 dozen more in Canada and the States alone, just from the last 5 years.
Like all business, if you aren't in the top 10% with staff, leadership and performance you are in real danger of disappearing.
This is undeniable, Dean, I agree. I am just saying it sucks to see it end this way. The same is true for Wholesale Sports, though their customer service was nowhere near MEC’s, in my experience. Couldn’t really care less about Target, Eaton’s, etc on the other hand.
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  #34  
Old 09-16-2020, 10:20 AM
AndrewM AndrewM is offline
 
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Members didn't get a say because they filed for bankruptcy then announced the sale.
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  #35  
Old 09-16-2020, 10:29 AM
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ghostguy6 ghostguy6 is offline
 
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According to their press release MEC will continue to operate, just under private ownership rather than as a co op.

https://www.mec.ca/en/explore/mec-to-be-acquired

I find it funny that they are blaming the pandemic for their failure. They were failing long before anyone even heard of Covid. Most of the gear they sell now is crap or so overly priced its not worth it. I actually logged into my account and checked my wish list. Almost every single item on it has been discontinued. A quick look around shows nothing on the site I think is worth buying anymore.

I wonder what will happen to my membership share? Not that I ever thought it was worth anything anymore. Essentially I kept it for the warranties on some of the items I purchased long ago.
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  #36  
Old 09-16-2020, 10:46 AM
raab raab is offline
 
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Quote:
Originally Posted by ghostguy6 View Post
According to their press release MEC will continue to operate, just under private ownership rather than as a co op.

https://www.mec.ca/en/explore/mec-to-be-acquired

I find it funny that they are blaming the pandemic for their failure. They were failing long before anyone even heard of Covid. Most of the gear they sell now is crap or so overly priced its not worth it. I actually logged into my account and checked my wish list. Almost every single item on it has been discontinued. A quick look around shows nothing on the site I think is worth buying anymore.

I wonder what will happen to my membership share? Not that I ever thought it was worth anything anymore. Essentially I kept it for the warranties on some of the items I purchased long ago.
Yea, they stopped making the Camper 2. Which is a great little two man tent for a reasonable price. Several people including myself love the Camper line of tent due to their versatility and price point. Friggen shame
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  #37  
Old 09-16-2020, 11:06 AM
AndrewM AndrewM is offline
 
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Quote:
Originally Posted by ghostguy6 View Post
According to their press release MEC will continue to operate, just under private ownership rather than as a co op.

https://www.mec.ca/en/explore/mec-to-be-acquired

I find it funny that they are blaming the pandemic for their failure. They were failing long before anyone even heard of Covid. Most of the gear they sell now is crap or so overly priced its not worth it. I actually logged into my account and checked my wish list. Almost every single item on it has been discontinued. A quick look around shows nothing on the site I think is worth buying anymore.

I wonder what will happen to my membership share? Not that I ever thought it was worth anything anymore. Essentially I kept it for the warranties on some of the items I purchased long ago.
All other sports stores were insane during the pandemic. Thinking the just in time inventory kicked them hard as they had no inventory to sell while they would have had lots of demand.
As a share owner you would need to get in line behind all the other creditors. IE don't expect anything.
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  #38  
Old 09-18-2020, 11:50 AM
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Albertadiver Albertadiver is offline
 
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Quote:
Originally Posted by cranky View Post
You had to get ahold of head office and tell them you want out and why. My reason was like most on here who did so back a few years ago.

They finally after some hassling send you a form which you "must" fill out. You got nothing if you didnt do the form. Then after about a month or two you start in on "reminding " them by phone and emails etc. until they send a cheque. I sent in several copies of the form as well.

They did argue with me about hunting and guns some to at the first. You could tell no one who i spoke to knew anything about such stuff though they claimed to know all about it.
Anyway i doubt anyone will get anything nowadays.
Well... I tried!


Here's the reply:

Hello,



Thank you for writing. It’s important that you have more information about MEC’s isolvency and our current situation.



The Companies’ Creditors Arrangement Act (“CCAA”) is a federal law allowing insolvent organizations to restructure their business and financial affairs. The CCAA has a broad remedial purpose, allowing an organization to maintain its business ‘in the ordinary course’ while also giving it the breathing room necessary to restructure its affairs—all with a view to preserving its business for the benefit of employees, customers/members, suppliers and other stakeholders in the communities in which it operates.



One of the ways that the CCAA does this is also by enabling an insolvent organization like MEC to effect an expedited sale of its assets with the approval of the supervising court, and without shareholder or member approvals. This can be particularly important where, as here, time is of the essence to the insolvent organization to ensure that its business can be preserved. Like many other distressed retailers, MEC has been facing significant business difficulties, exacerbated by the unprecedented COVID-19 pandemic, and needed to act quickly to ensure that MEC could continue its operations and preserve going concern value that would otherwise be lost in a bankruptcy or liquidation.



MEC’s insolvency and the terms of MEC’s initial order under the CCAA prohibit the redemption of all member shares at this time. As membership shares in MEC constitute an “equity claim” under the CCAA, no payments can be made in respect of such shares until all creditors have been paid in full.



Please continue to check our website, mec.ca, as we will continue to post information about the proceedings. If you have questions regarding the CCAA proceedings, you can contact Alvarez & Marsal Canada Inc., the court-appointed Monitor of MEC at 1-844-768-8244 or mec@alvarezandmarsal.com. Their website is www.alvarezandmarsal.com/MEC. 

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  #39  
Old 09-18-2020, 07:10 PM
calgarychef calgarychef is offline
 
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Quote:
Originally Posted by urban rednek View Post
So, a Woke executive team hijacked the company, stole the equity that belonged to the voting members, pushed the company into bankruptcy and then sold it to an American investment firm...did I miss anything?

Question:Why are they not facing criminal charges for theft (of members equity) and corporate fraud, for selling the company without a vote by the membership?
Answer: Because virtue signalling progressives are a protected species in Vancouver.

FTR- This is a technique the well meaning progressives (zealots) have been perfecting for years. AFAIK it originated from Greenpeace in the late 80's or early 90's. They infiltrate the executive of a non-profit charity with cash equity, redirect (steal) the cash to their preferred agenda, then convince the members that the charity desperately needs more donations (insert the horrors of failure here) to stay afloat. They continue to redirect the new funds until the donations dry up, or they identify a new target with more potential.
This technique was skilfully exported to the marketplace. Expect to see more examples in the future.
Bingo... you nailed it.
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  #40  
Old 09-18-2020, 07:37 PM
cranky cranky is offline
 
Join Date: May 2011
Location: Edmonton
Posts: 1,457
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Quote:
Originally Posted by Albertadiver View Post
Well... I tried!


Here's the reply:

Hello,



Thank you for writing. It’s important that you have more information about MEC’s isolvency and our current situation.



The Companies’ Creditors Arrangement Act (“CCAA”) is a federal law allowing insolvent organizations to restructure their business and financial affairs. The CCAA has a broad remedial purpose, allowing an organization to maintain its business ‘in the ordinary course’ while also giving it the breathing room necessary to restructure its affairs—all with a view to preserving its business for the benefit of employees, customers/members, suppliers and other stakeholders in the communities in which it operates.



One of the ways that the CCAA does this is also by enabling an insolvent organization like MEC to effect an expedited sale of its assets with the approval of the supervising court, and without shareholder or member approvals. This can be particularly important where, as here, time is of the essence to the insolvent organization to ensure that its business can be preserved. Like many other distressed retailers, MEC has been facing significant business difficulties, exacerbated by the unprecedented COVID-19 pandemic, and needed to act quickly to ensure that MEC could continue its operations and preserve going concern value that would otherwise be lost in a bankruptcy or liquidation.



MEC’s insolvency and the terms of MEC’s initial order under the CCAA prohibit the redemption of all member shares at this time. As membership shares in MEC constitute an “equity claim” under the CCAA, no payments can be made in respect of such shares until all creditors have been paid in full.



Please continue to check our website, mec.ca, as we will continue to post information about the proceedings. If you have questions regarding the CCAA proceedings, you can contact Alvarez & Marsal Canada Inc., the court-appointed Monitor of MEC at 1-844-768-8244 or mec@alvarezandmarsal.com. Their website is www.alvarezandmarsal.com/MEC. 

Looks like I got out at the right time to collect. Its
Not often I win ill take it. I got my cheque summer last year.
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  #41  
Old 09-20-2020, 09:41 AM
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Sundancefisher Sundancefisher is offline
 
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https://calgaryherald.com/news/retai...-9c3c884b85c7/

Lots of squawking about he deal. I suspect the new owners will be out to capture new shoppers and stop alienating some users.
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