I know many of my fellow Canuckians used to anticipate the MEC catalogue back when there were catalogues, its in recievership eh
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I know many of my fellow Canuckians used to anticipate the MEC catalogue back when there were catalogues, its in recievership eh
Well fuck, it comes as not a huge surprise sadly. Building a brand new "flagship" store in Calgary on the west side of town when they already had one downtown and one on the south side? Opening stores like crazy all over Canada in the last 10 years. What were they thinking? It's a shame that given the latest surge in bike sales and ski touring gear (and outdoor stuff in general) they couldn't have capitalized. Some poor decisions at a board level I'm thinking. I hope they can pull off some sorta miracle, lots of good folks out of a job at a particularly bad time.
mountain equipment kmart.
making average stuff at best
Thats too bad. I appreciate them for the ease of their shipping and warrantee. I like to use their prices as a price marker and they often list weights for the products.Theyre my go to for small things. There can be some good finds in the "sale" category too.Just recemtly got a couple mec hip packs for biking. One smaller with one water bottle holder and a bigger one with 2 water bottle holders. They both hold knee pads on the outside and i can get ma flannel in the big one. Really comfy and i dont think either was more than $20. Next is biking liner shorts.to replace my older mec liner shorts
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Actually MEC is being acquired by a US based private equity firm.
https://www.cbc.ca/news/business/mec...firm-1.5723934
I want my $5 back
the board steered the ship right into the iceberg
What a tragedy. The shameful ambition and hubris of of MEC’s board and executive over the past 20 years destroyed something special, taking a lean and focused mountain equipment coop and turning it into a highly leveraged mainstream lifestyle chain.
Now where will we find titanium chopsticks, $100 water bottles , dainty shoes and designer underwear?
And pizza ovens, seriously they jumped the shark years ago when the clothing sections became the biggest part of the stores. Selling the same stuff as all the other outdoor stores. And the clothing they were selling was either high end Arteryx or if it was their own brand and a ‘reasonable’ price it was only available in brown, black or dark green.
ThisQuote:
Originally Posted by garyfromterrace
And thisQuote:
Originally Posted by grinch
News of its acquisition Monday prompted many members of the co-operative to wonder whether they would get their co-operative shares — about $5 — back.
During the transition from a co-operative to a private company, members would have to claim themselves as creditors to stake a claim on their $5 shares.
Portfolio of new PE owner:
http://kingswood-capital.com/portfolio/
Not very seriously, I'm pretty sure I got my 5$ worht over the years just on bogus returns
So, basically it will be the next Sport Chek.... With higher end goods to start with.Quote:
Originally Posted by TrueNorth
they made some bad decisions and strayed from their roots
but this is just one of many chain stores going under
You think that will be one of the questions for your entry exam?Quote:
Originally Posted by altasnob
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Isn't that SAIL?Quote:
Originally Posted by evdog
so many returns. Ya they can keep the 5iver.Quote:
Originally Posted by XXX-er
Sucks for all the kids who's jobs may be affected.
I always wondered why REI didn't move into the Canadian market like other American chain stores, particularly since they are headquartered in Seattle. Maybe MEC's troubles will prompt them to. Although at the moment, REI seems to be having the same problems MEC had. Everyone just buys everything on Amazon now anyway.
They certainly were both very good at the whole 'virtue signaling' thing.Quote:
Originally Posted by altasnob
I don't know if REI seriously looked at entering the Canadian market, but I do know that before MEC's big expansion people in BC were fiercely loyal to it (and Taiga). That would've been a tough nut to crack.
I've heard that the REI in Bellingham was packed with Canadians (pre-COVID).
That's even worse. MEC is fucked.Quote:
Originally Posted by TrueNorth
Can confirm. The three places where you will (would) always see BC plates are (were) Costco, Trader Joe's, and REI.Quote:
Originally Posted by altasnob
I don't know the exact timeline, but MEC was considered to be more legit than a "regular" store up until sometime in the 90s or maybe the early 00s. Their major expansion (of both stores and products) gained them new customers at the expense of some of their old ones. Like how everyone says a band "sells out" after they become popular.
I bought a ton of stuff from them (and Taiga) BITD, and it was way more function than form. As XXXer said a while back, you didn't have to worry about it going out of fashion because it was never in fashion.
that sounds like something I said, I say a lot of shit but I can't lie
cuz I can't even remember what I said 10 minutes ago,
either early stage dementia
or living in the moment
Look on the bright side- you get to meet new people every day
The kinds of things I bought from MEC are not something I would or even could get on Amazon.Quote:
Originally Posted by altasnob
Straying into selling fashions and crap that everyone else already sells is what exposed them to risk from Amazon competition in the first place.
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The thing I can't figure out is who benefits from this sale?
It's not like the board, or anyone, holds a large share and wants to cash out. Maybe there will be huge bonuses for some paid staff like the CEO for "successfully recovering" or some shit like that?
I would think given that it's a not for profit they'd almost be just as good to collapse into the Ether and give away the remaining stock... yeah right.
And even before that, what kind of retarded board wants to aggressively expand a not for profit company? It makes no sense at all.
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member since 1984ish when they were in the basement in Calgary, stopped buying when they went all predatory on their purchasing practices on bike tools/ski wax
I cashed my "shares" out 2 years ago when they got all SJW on Camelbak for being owned by the same company that makes ammo/guns.
300ish dollars back
as others have mentioned they lost their way
yeah, I'm with you...the whole thing is a bit bizarre. Even on CBC this morning the host was interviewing someone from the co-op world, and the host was spewing the standard "they needed business experienced people on the board" when talking about how they'd moved away from member focused to growth focus....what fucking experience? experience to run a successful co-op into the ground? Why is there this continued belief that "businessmen" know what the fuck they're doing at all times?Quote:
Originally Posted by Shorty_J
especially when they keep hiring dufuses from Best Buy and other mass market box stores instead of the outdoor industry, of course the way they were going they probably should have been hiring commercial real estate expertsQuote:
Originally Posted by t.odd
Quote:
Originally Posted by waxman
share price increase? Fuck: if I would have known that, I would have done the same
Yeah, 300? Same here.
https://rq5862jalnt2ow16l1brj575-wpe...l_Transfer.pdf
it's probably too late but here was the form to cancel your membership
let me know if it still works
There was a pretty good pushback from the hunting/shooting community when they pulled that crap I knew a couple of guys that got thousands back and promptly went and bought ammo/guns etc
I looked at the board and board recommendations for this year...
They had all these peeps with fancy educations and big box. WTF, had no one realized big box has been getting slaughtered for a decade? Coop members should be allowed to sue for negligence.
^^^
that link didnt paste properly. of course i bought in pretty high in 2016, so maybe my 5$ is only worth about 1.75$ now.
i sent the pdf to mntlion maybe he can just post it as TGR hates my pics right now
https://rq5862jalnt2ow16l1brj575-wpe...l_Transfer.pdfQuote:
Originally Posted by waxman
Redemption of Shares.
MEC can get fucked. They put so many good mom and pop outdoor stores out of business with their business model, favorable tax laws and shitty home branded products.
Good riddance (sucks for staffers though)
MEC members launch petition to cancel sale to US investor. Change.org petition had nearly 6,000 signatures as of Tuesday morning. Are they willing to cover the $11 million loss MEC had last year?