Quote:
Originally Posted by puregravity
$ 37,358 raised of $ 50,000 goal
Nearly there!
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Quote:
Originally Posted by puregravity
$ 37,358 raised of $ 50,000 goal
Nearly there!
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.Quote:
Originally Posted by paulster2626
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.
Valhalla Pure Outfitters may be able to help, free shipping on orders over $49.Quote:
Originally Posted by skiitsbetter
Yes! I just rediscovered VPO. Bought something online yesterday.Quote:
Originally Posted by goldenshowers
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
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.Quote:
Originally Posted by TrueNorth
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.”
$ 96,158 raised of $ 50,000 goal
Excellent priority. Raising money for lawyers for a company that killed itself.Quote:
Originally Posted by puregravity
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
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....
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.
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.Quote:
Originally Posted by altasnob
No more voile straps? That's the final nail, they are dead me.
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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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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
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.Quote:
Originally Posted by waxman
1 29.5 left from last year, 2021 has not arrived yet.Quote:
Originally Posted by Gcooker
^^ thanks. I’ll pop in the store early December!
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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.Quote:
Originally Posted by knowsam
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Well there goes that:
https://www.bccourts.ca/jdb-txt/sc/2...20BCSC1586.htm
" I accept that this decision is a disappointing conclusion to the fate of what was an iconic Canadian retailer who has inspired the passion and commitment of many Canadians for outdoor activity. Like many Canadian retailers, MEC has fallen victim to economic forces, and perhaps questionable business judgments made years ago, all exacerbated by the cataclysmic and unprecedented impact of the COVID-19 pandemic throughout most of 2020.
This result, however, will ensure the continuation of MEC’s business, albeit in another organization. While this sale transaction is not wrapped in the Canadian flag, the best evidence is that Kingswood will continue to support MEC’s core values and principles, being community engagement and promotion of a healthy outdoor lifestyle. More importantly, the ongoing operations will support Canadian individuals and their families and also businesses where jobs are disappearing quickly given ongoing economic disruptions. Creditors will be paid, or paid a substantial portion of what they are owed, no doubt to the relief of many."
anecdotally, when I was in the North Van store in mid August, they were picked over of traditional outdoor rec stuff, camping supplies, tents, packs, bike stuff, etc....much of what remained was the more premium clothing brands they've brought in over the past years....so yeah, they made a lot of bad decisions that lead to having a lot of stock of things people weren't really interested in, while everything I'd consider a bit more 'traditional' mec was very much in demand.Quote:
Originally Posted by cmcrawfo
Covid caused the initial store closures across the board. Early in the pandemic ALL outdoor retail closed down. MEC happened to already be in a really shitty credit situation before covid hit. They got squeezed, too much cash going out and not enough coming in.Quote:
Originally Posted by cmcrawfo
With everyone shut down, SAIL filing for bankruptcy and MEC behind on payments distributors also stopped sending MEC good (see t.odd observation above). LOTS of retailers got put onto pay up front terms, no more credit. While some have had a good year as summer developed I can tell you most all those shop owners you thing had their "best year" also have a very dark period before it bounced back.
Their RY Line of Credit had covenants. MEC was already close to default. Covid put them further into default. A competent organization would have standby LOCs possibly securitized. MEC can be accused of much but competence was not one of them. Even in April/May there were vulture funds sniffing around for receivables LOQuote:
Originally Posted by cmcrawfo
You must of made a killing shorting your membership.Quote:
Originally Posted by LeeLau
Ha, good one. I will miss the coop (especially the one of old), but I maintain as has been said it wasn't run well lately. Opening 2 additional stores in Calgary was such madness. The decisions made at a board level sucked in the last few years.Quote:
Originally Posted by xyz
Managed to return my 3 year old hiking boots. Going to try for the bike shoes nextQuote:
Originally Posted by xyz
I was going to return my 10 yr old hiking boots at the end of a trip. Halfway through the trip, they completely fell apart. I took pictures of the remains to use for a return. They actually denied my claim. Assholes.Quote:
Originally Posted by LeeLau
Two stores in Montreal as well, one of which is completely useless. The board should be ashamed.Quote:
Originally Posted by garyfromterrace
They actually closed one in Montreal a few years ago. It was a MEC shop nestled among chi-chi clothing and shoe store on Saint-Denis Street. No gear, just clothes and shoes and sunglasses. Was such a dumb idea, although I used to get all my gear shipped there because I lived pretty close. I think they were aiming for a lulu lemon vibe...Quote:
Originally Posted by ml242
that’s the one i was talking about, it was still there last i looked. i guess that must have been in 2019.
“We loved this little store, but a travel boutique isn’t quite right for us. You don’t know until you try!”
plus stores in Laval, Longeuille, and marche central each 15 minutes away.
DUMBASSES
Ah ok... coulda swore that closed a few years ago, but maybe i did too many marijuanasQuote:
Originally Posted by ml242
time flies when you start XC skiing bro
Wow, the ineptness knew no bounds. Dumbasses indeed.Quote:
Originally Posted by ml242
https://www.citynews1130.com/2020/05...ction-rigging/
MEC. What a hot mess.
I wonder what their top 10 selling products were, apart from the boutique chocolate they sell near the cash register lineup.
The bike staff and ski staff were always good. I noticed lots of staff turnover the last 5 or 6 years.
I don't know if there is a place for MECs anymore. I buy from local boutique ski/sport shops and the rest from online.
I think the first sign for me that MEC was losing touch was when they buried the used gear sell section and it seemed to disappear.
RIP MEC.
Looks easy to point at where it started to go off the rails:
https://www.vancouverobserver.com/li...r-does-it-suck
Amazing that they had these 'recommended' board members that flushed away decades of building something in a few years. Sounds really American.
It seems any business that relies on constant growth and expansion to maintain financial viability is based on a flawed model and doomed. Sorry to see the old Mountain Equipment gone. I hope this helps the local shops to maintain their niche position.
I have had a membership since 1979 or 80. I viewed it as simply access to the gear for sale, no moral or ethical connection at all. It was a store, and the gear was value for money. Really, the only place in Canada you can get pretty much everything you need for outdoors in one place.Quote:
Originally Posted by ml242
I never paid any attention to the board structure or financials. But after this announcement, I went back and looked at the 2018 and 2019 reports. Pretty easy to see net margins were negative, they had done a bunch of sale-leasebacks with 5 year obligations on property they owned and they were still putting multiple stores in shakey locations...eg....one store in central Calgary was fine. Two more? Yeesh....
Then I read about the recommended Board thing. That shocked me. Concerned members should have sued at that point. While typically management puts up potential board candidates for election, their qualifications should speak for themselves. Shareholders then elect from an even slate.
The email I received the other day about the sale looks like it is going through. Fewer layoffs than originally planned, I like that as well. Fewer store closings. Hopefully they all can turn a profit. Focus on core gear to core buyers and get back to being the best for outdoor gear, not fashion. At least for this country.
It’s a store. Not a church....
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https://www.cbc.ca/news/canada/briti...sold-1.7538013 I wonder how this is going to shake out ?