A B.C. court has approved the sale of struggling outdoor recreation retailer Mountain Equipment Co-op to a U.S. private investment firm.
In an oral ruling Friday, B.C. Supreme Court Justice Shelley Fitzpatrick accepted the sale of MEC to California-based Kingswood Capital Management.
She also dismissed an application by the Save MEC group to delay the sale by two weeks, part of an effort to preserve the retailer’s status as a co-operative.
Kevin Harding, the national spokesman for the Save MEC campaign, says the judge noted the passion of the co-operative’s members in her oral ruling.
He says an attempt by landlords of some of MEC’s brick-and-mortar stores to intervene in the proceedings was also dismissed.
On Sept. 14, after struggling with sluggish sales, inventory issues and increasing online competition, MEC filed for creditor protection and announced its sale to a Canadian subsidiary of Los Angeles-based Kingswood.
This report by The Canadian Press was first published Oct. 2, 2020.
The Canadian Press