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  #1  
Old 09-14-2020, 06:20 PM
fatboyz fatboyz is offline
 
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Default MEC has been sold

Interesting!
https://globalnews.ca/news/7334603/m...LJD_SIVVfaAY-M
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  #2  
Old 09-14-2020, 06:26 PM
jstubbs jstubbs is offline
 
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Given the sentiment toward MEC here I was expecting this thread to have many replies, maybe even a photo of someone dancing in the streets... lol
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  #3  
Old 09-14-2020, 06:41 PM
CranePete CranePete is offline
 
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Meh...
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  #4  
Old 09-14-2020, 07:08 PM
raab raab is offline
 
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Sucks to see, they had some good cheap gear for guys who can't afford the big name brands.
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  #5  
Old 09-14-2020, 07:09 PM
RandyBoBandy RandyBoBandy is offline
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As part of the deal, MEC will no longer operate as a member-owned cooperative.
It was granted protection under the Companies’ Creditors Arrangement Act, allowing it to continue operating while the transaction and other elements of the plan are completed.

The transaction remains subject to regulatory approvals and is expected to close in the fourth quarter of 2020.
MEC was founded in Vancouver in 1971, and currently has more than five million members and 22 stores across Canada.​

In July, it announced it was making 200 frontline staff permanent because of the COVID-19 pandemic.
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  #6  
Old 09-14-2020, 07:39 PM
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Well hopefully this new management won't run it like a bunch a militant left-wing nutbags and operate it like a business instead. Just sell quality gear and leave the politics at home. I'd like to send all of the outgoing MEC management a swift kick in the wedding tackle for how they screwed over the actual owners, those being the membership.
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  #7  
Old 09-14-2020, 07:52 PM
stubby99ca stubby99ca is offline
 
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Default Totally agree

Quote:
Originally Posted by CaberTosser View Post
Well hopefully this new management won't run it like a bunch a militant left-wing nutbags and operate it like a business instead. Just sell quality gear and leave the politics at home. I'd like to send all of the outgoing MEC management a swift kick in the wedding tackle for how they screwed over the actual owners, those being the membership.
Not everything needs to be a f'n political statement!
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  #8  
Old 09-14-2020, 07:59 PM
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Not really familiar with the organization, but I gather it's member run and they own shares. Question being, do they have to approve this deal ? Sounds like one of those Venture Capital takeovers, where profits are maximized at the expense of everything else, including staff.

Grizz
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  #9  
Old 09-14-2020, 08:17 PM
Larry.S Larry.S is offline
 
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I shopped a lot at MEC over the years given my interests in the outdoors, climbing, etc. When they as an institution adopted an anti-hunting stance it didn’t really bother me and I could always look for stuff at other stores. They’ve always had a conservationist agenda and that’s fine. It’s a shame that another Canadian retailer is likely going to be shuttered. I’m just as much to blame as anyone else though. Can buy essentially the same stuff off discount internet sites for much cheaper. World’s changing I suppose.
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  #10  
Old 09-14-2020, 08:17 PM
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Quote:
Originally Posted by Grizzly Adams View Post
Not really familiar with the organization, but I gather it's member run and they own shares. Question being, do they have to approve this deal ? Sounds like one of those Venture Capital takeovers, where profits are maximized at the expense of everything else, including staff.

Grizz
To me it sounds like they ran it into the ground, they racked up so much debt that there was zero equity left for the real owners. The MEC management quite remind me of how irresponsible people can be with other peoples money when they have no personal vested interest in the outcome. Remind you of anyone?.......
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  #11  
Old 09-14-2020, 08:22 PM
calgarychef calgarychef is offline
 
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Ok, so I’ve been a member since 1980. No one asked me my opinion about selling and.... where’s my cut? Is my membership worth nothing in this sale?
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  #12  
Old 09-14-2020, 08:22 PM
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Quote:
Originally Posted by Grizzly Adams View Post
Not really familiar with the organization, but I gather it's member run and they own shares. Question being, do they have to approve this deal ? Sounds like one of those Venture Capital takeovers, where profits are maximized at the expense of everything else, including staff.

Grizz
Depends on how it structured. BUT ......... It's unlikely cooperative members are issued what's commonly refereed to "A class" shares giving them voting rights and other associated equity privileges.
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  #13  
Old 09-14-2020, 08:25 PM
calgarychef calgarychef is offline
 
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Quote:
Originally Posted by EZM View Post
Depends on how it structured. BUT ......... It's unlikely cooperative members are issued what's commonly refereed to "A class" shares giving them voting rights and other associated equity privileges.
See that was another problem, they took millions of dollars in profits and gave it away to various other organizations... no one asked me if I wanted my dividend money given away or if I would rather have it paid to me.
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  #14  
Old 09-14-2020, 08:26 PM
hunterngather hunterngather is offline
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Wont bother me in the least.

Never shopped there, always felt a little elitist for my liking.

Plus I just cant get over paying for the right to shop somewhere.
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  #15  
Old 09-14-2020, 08:40 PM
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Another case of “get woke , go broke”
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  #16  
Old 09-14-2020, 09:13 PM
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Well, their chances of me shopping there again just went up. See how things play out. I like their stuff but, like many others, I don't support a business that is against my method of enjoyment when it comes to the outdoors.
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  #17  
Old 09-14-2020, 09:17 PM
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Default Mec

I was an active member until the virtue signalling and they got woke. I know guys who cashed in their memberships and got enough for a new rifle.

They used to have good quality gear and an iron clad guarantee. It was outdoor gear for people who really used it. Then it turned it into the urban lulu lemon stuff.

How can they sell a Co-op with out the membership knowing about it? There were voting rights, I voted on things many times over the years. From the website : As a member, you’re a voting shareholder – and you also get to share in our success with share redemptions.

8.11 The Co-operative must not dispose of the whole or substantially the whole of its undertaking
unless:
(a) the disposition is authorized by a special resolution, and
(b) all members have the opportunity to vote on the special resolution in accordance with
Rule 8.09.


Something stinks.

Last edited by Puma; 09-14-2020 at 09:29 PM.
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  #18  
Old 09-15-2020, 12:59 PM
cranky cranky is offline
 
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Cashed in my membership awhile back . Took about 8 months but finally after jumping through all kinds of hoops i got a good sized cheque from them. I had been a long time member.
Wonder if they will be paying all members out.
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  #19  
Old 09-15-2020, 01:49 PM
timsesink timsesink is offline
 
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Quote:
Originally Posted by CaberTosser View Post
Well hopefully this new management won't run it like a bunch a militant left-wing nutbags and operate it like a business instead. Just sell quality gear and leave the politics at home. I'd like to send all of the outgoing MEC management a swift kick in the wedding tackle for how they screwed over the actual owners, those being the membership.
x2
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  #20  
Old 09-15-2020, 03:39 PM
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All members own 1 share. Shareholders get nothing from this. Creditors run the show.

Maybe they will give out a coupon as a way of appeasing shareholders who shop there.
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  #21  
Old 09-15-2020, 03:59 PM
Sundog57 Sundog57 is offline
 
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I cashed out in May 18 after they dropped Vista Outdoors
I had been a member since 1978.
I got a cheque for $75 in dividends if I recall correctly
I would be very curious to see if alienating 2.2 million possible client in the interests of fatuous virtue signalling had an effect on their sales
I think it must have given a total market of perhaps 7-10 million customers
I know most of my friends, most of whom are hunters, basically raised the middle digit and told them GFY. You could get the same gear at more or less the same prices elsewhere without the posturing.
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  #22  
Old 09-15-2020, 04:15 PM
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Quote:
Originally Posted by cranky View Post
Cashed in my membership awhile back . Took about 8 months but finally after jumping through all kinds of hoops i got a good sized cheque from them. I had been a long time member.
Wonder if they will be paying all members out.
How do we cash in?
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  #23  
Old 09-15-2020, 05:27 PM
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Quote:
Originally Posted by Albertadiver View Post
How do we cash in?
Time machine yourself back 2 years or so to when they'd still do it. They stopped issuing refunds when their financial duress became so apparent that even MEC management were forced to take note of it.

Wouldn't it be fun to see camo and a gun counter in there!
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  #24  
Old 09-15-2020, 06:52 PM
cranky cranky is offline
 
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Quote:
Originally Posted by Albertadiver View Post
How do we cash in?
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.
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  #25  
Old 09-15-2020, 07:00 PM
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I have prepared myself for the $5 loss.
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  #26  
Old 09-15-2020, 08:36 PM
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EZM EZM is offline
 
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Quote:
Originally Posted by Puma View Post
I was an active member until the virtue signalling and they got woke. I know guys who cashed in their memberships and got enough for a new rifle.

They used to have good quality gear and an iron clad guarantee. It was outdoor gear for people who really used it. Then it turned it into the urban lulu lemon stuff.

How can they sell a Co-op with out the membership knowing about it? There were voting rights, I voted on things many times over the years. From the website : As a member, you’re a voting shareholder – and you also get to share in our success with share redemptions.

8.11 The Co-operative must not dispose of the whole or substantially the whole of its undertaking
unless:
(a) the disposition is authorized by a special resolution, and
(b) all members have the opportunity to vote on the special resolution in accordance with
Rule 8.09.


Something stinks.
See post #12.

The stink could be imaginary ...... .

It depends on how it's co-op is structured.

Just because co-op (grocery) grants it's members voting shares does not mean that MEC does.

If you are a MEC member, you may have been issued non voting class "B" or Class "C" shares or were/are granted some other sort of equity or benefit.

That was my point.

People get sucked into something they are donating to. MEC, as one person mentioned, does whatever they want with your equity and you have nothing to say about it.

It's a perfect really - a beauty move by them actually.

Last edited by EZM; 09-15-2020 at 08:51 PM.
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  #27  
Old 09-15-2020, 09:42 PM
FCLightning FCLightning is offline
 
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Quote:
Originally Posted by EZM View Post

Just because co-op (grocery) grants it's members voting shares does not mean that MEC does.

If you are a MEC member, you may have been issued non voting class "B" or Class "C" shares or were/are granted some other sort of equity or benefit.
Says on the website you are issued a voting share.
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  #28  
Old 09-15-2020, 10:15 PM
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Shopped there once and never went bad terrible service
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  #29  
Old 09-15-2020, 11:46 PM
fishnguy fishnguy is offline
 
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I think it sucks. Regardless of their standing in regard to hunting and whatever else, it’s another Canadian chain becoming something else and we are yet to see what. Someone mentioned on this forum a while back that Sail filed for protection as well. Can’t say I spent tons of money in either of the stores, but I always got excellent service when I did, pre- and post-purchase. I have been a member in MEC since about 2000-ish. The MEC branded merchandise sucked, in my opinion. But hey had plenty of other good stuff. I think their exchange and return policy was exceptional and next to none, as well as customer service in general.
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  #30  
Old 09-16-2020, 09:11 AM
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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.
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