MEC back under Canadian ownership after 5 years of U.S. management
The retailer had been sold in 2020 to U.S.-based Kingswood Capital Management after facing financial difficulties, which led to its dissolution as a consumer-owned co-operative, in what was described as "betrayal" by some members, thousands of whom mounted a campaign to block the sale. Several employees also quit, saying it no longer felt like the same company under private owners.
The company's newest ownership group is described in a news release as "a group of Canadian investors" who have a "deep belief in MEC's purpose and a long-term vision for the business," led by Tim Gu, who also has stakes in Canadian brands Tilley and Roots.
Also on board is longtime MEC member Chris Speyer as chief merchandising officer. He says bringing the brand back under local ownership feels particularly important at a time when consumers are seeking to avoid U.S. products amid the ongoing trade war and economic threats being faced by Canadians from their southern neighbour.
"It's a profound moment, you know, where Canadians are more aware of their identity and their sovereignty than ever before," he said in an interview with CBC News.
"And so being able to announce that we're becoming Canadian owned at this time feels important and relevant, you know, certainly to me and to all of our members and employees."
MEC, formerly known as Mountain Equipment Co-op, was founded in 1971 in Vancouver by a group of mountain climbers looking to source quality gear and distribute it in the city. Members joined with a nominal fee and owned part of the venture, and helped drive the direction of the business.
It eventually grew to more than five million members with nearly two dozen stores nationwide, making it Canada's largest consumer co-op.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 minutes ago
- Yahoo
Rising concerns over U.S. move to broaden products subject to metal tariffs
TORONTO — There's growing concern about a move by the United States to make hundreds more product categories subject to the country's 50 per cent tariffs on steel and aluminum content. The addition of 407 categories, ranging from bulldozers to furniture, came into effect earlier this week to add pressure and costs to those hoping to sell into the U.S. market. Catherine Cobden, head of the Canadian Steel Producers Association says the move is another blow to the integrated Canada-U.S. economy and will impact the manufacturing of steel-containing products in Canada destined for the United States. She says products like cutlery, propane tanks, air conditioners, agricultural equipment like tractors and many more now face the additional tariffs on their metal content. Cobden says in the statement issued Thursday that Canada should retaliate with a 50 per cent tariff on all U.S. steel entering Canada, including ending an "ill-advised" April reprieve on U.S. steel used in manufacturing and processing. On Wednesday, Hamilton, Ont., mayor Andrea Horwath said Trump's latest "underhanded move to quietly expand U.S. tariffs" is devastating for the city, adding she's reached out to both the provincial and federal governments to push them to act. This report by The Canadian Press was first published Aug. 21, 2025. Ian Bickis, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
8 minutes ago
- Yahoo
Silver Dollar exercises option to acquire 75% in Ranger-Page project in US
Silver Dollar Resources has exercised its option to acquire an initial 75% interest in the Government Gulch portion of the Ranger-Page project in Shoshone County, Idaho, US. This is the first option under the terms of the Government Gulch Option and Joint Venture Agreement. In July 2024, Silver Dollar, through its subsidiary, entered into an asset purchase agreement with Silver Valley Metals and its subsidiary North Idaho Metals to acquire the rights, title and interest in the assets of the Ranger-Page project. The project encompasses the option rights under the Government Gulch Option and Joint Venture Agreement, as well as the Page Mine Mineral Rights Lease and Option Agreement. The acquisition of the Ranger-Page project was completed in August 2024. Under the Government Gulch Option and Joint Venture Agreement, Silver Dollar paid the optionor $250,000 and incurred more than $1.21m in exploration expenditures on the property. The company retains the option to acquire the remaining 25% interest in the Government Gulch property (second option) through negotiations, or by paying $2.25m, $1m plus $1.25m in shares, or $2.25m in shares, depending on the outcome of the negotiations. Should Silver Dollar not exercise the second option by 31 December 2025, a joint venture will be established among the parties, with Silver Dollar serving as the operator. The agreement includes dilution provisions to protect each party's interests. Silver Dollar also has the right to purchase half of a 2% net smelter returns (NSR) royalty for $1m. Upon exercising its option, Silver Dollar will grant Silver Valley Metals a 0.5% NSR royalty from the Government Gulch property. The Ranger-Page land package is located in the Coeur d'Alene silver district, covering six historic mines, with access to essential infrastructure and skilled workforce. The primary target areas include historic mining extensions, ground induced polarisation survey anomalies and surface trenching identified mineralisation. Additional exploration targets have been identified using soil geochemical data, mapping and ground induced polarisation survey data. "Silver Dollar exercises option to acquire 75% in Ranger-Page project in US" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
8 minutes ago
- Yahoo
Bernstein Raises TechnipFMC Price Target After Strong Q2 Results and Robotics Growth
TechnipFMC (NYSE:FTI) ranks among the . Bernstein analyst Guillaume Delaby maintained his Market Perform rating on TechnipFMC (NYSE:FTI) and increased his price target from $32 to $37 on July 29. The price target rise comes after TechnipFMC's impressive second-quarter 2025 results, which showed $2,535 million in revenue and $509 million in EBITDA. Bernstein increased TechnipFMC's 2025–2028 EBITDA projections by 3%, 6%, 6%, and 15%, respectively, citing the company's optimism about landing an extra $10 billion in subsea orders in 2026. In addition to highlighting TechnipFMC's 'increasing uniqueness' in the market and its multi-year visibility in the subsea segment, the analyst pointed out that the legacy company traded at a peak multiple of roughly 12x EV/EBITDA during the 2011–2013 upcycle. TechnipFMC (NYSE:FTI) focuses on energy projects, technologies, systems, and services businesses. The company operates through two segments: Subsea and Surface Technologies. Through its Schilling Robotics business, TechnipFMC is making progress toward more autonomous underwater operations. The company's ROVs are used in deepwater research, the oil and gas industry, the renewable energy sector, and military applications across the world. While we acknowledge the potential of FTI to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than FTI and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
