The sale would see the longtime co-op go private following financial struggles made worse by the pandemic, and the transaction still requires regulatory and court approval.“We’re really fighting an uphill climb,” Harding said, and added he is hopeful they’ll get a chance to intervene in the ongoing proceedings at B.C. Supreme Court, and successfully request the sale be stalled to buy time to come up with a counter-offer.
“What we’re asking for right now is what MEC hasn't given members of the co-op, which is a chance to really get involved and propose an alternative,” So far, the campaign has raised more than $100,000 for a legal fund. More than 130,000 people have added their names to an online petition protesting the sale to Los Angeles-based Kingswood Capital Management.
“It’s not just a business sale,” Harding told CTV News. “This isn’t Tim Hortons being sold to the Americans. This is something that Canadians have built. And they’re upset that they weren’t allowed the opportunity to be heard.”The deal was unanimously approved by the MEC board of directors and announced on Sept. 14.posted on MEC’s website on Sept.
“We understand that many are upset and apologize for not communicating more or sooner,” her statement said. “The board’s top priority was preserving jobs and saving MEC from bankruptcy or liquidation. In short, we prioritized MEC’s survival.”
You are fake
I want my $5 back
so MEC rather go out of business?
That place was a gold mine. How did they fuck it up? This is like Trump crashing and burning a casino. How?
So what do they think is going to happen if the sale is blocked? I'll take a stab, everyone is laid-off and they shut the doors.
So the group has raised $100k for legal. In comparison MEC lost $11 million last fiscal year, and I believe I read was projected to be $92 million in debt by the end of November. It’s bleeding cash, and that was pre-covid. MEC is lucky to have any buyer.