MEC back under Canadian ownership after 5 years of U.S. management
Retailer Mountain Equipment Company (MEC), the B.C-based brand specializing in outdoor equipment, is back under Canadian ownership.
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


Bloomberg
16 minutes ago
- Bloomberg
Fortress's Pack and Sloan on Real Estate, Private Credit
Josh Pack, Fortress Investment Group co-CEO and managing partner, and Tim Sloan, vice chair, discusses the outlook for the commercial and residential real estate markets and where they are finding opportunities. Speaking with Lisa Abramowicz on "Bloomberg The Close," Pack and Sloan also comment on recent trends in the private credit market. (Source: Bloomberg)


The Verge
20 minutes ago
- The Verge
Google is offering employee buyouts in Search and other orgs
Google is starting to offer buyouts to US-based employees in its sprawling Search organization, along with other divisions like marketing, research, and core engineering, according to multiple employees familiar with the matter. The buyouts, which Google is referring to as a 'voluntary exit program,' are currently not being offered to employees in the DeepMind AI division, Google Cloud, YouTube, or Google's central ad sales organization. Employees in Google's platforms and services group, which includes Android and the Pixel line of devices, were offered buyouts earlier this year before the company enacted layoffs. It's unclear if more layoffs will follow this week's buyout announcement. Employees are being offered a minimum of 14 weeks' pay with a July 1st enrollment deadline. Other parts of Google, including YouTube, are also requiring US employees within a 50-mile radius of an office to return to work at least three days a week by September, or be laid off with severance. 'It's been an incredible few months -- we shared our vision at I/O and GML, and we've been shipping at a dizzying pace,' Nick Fox, the head of Google's wider 'Knowledge and Information' group that includes Search, said in an internal memo I obtained. 'We've seen a super positive response to AI Mode including our shopping announcements, heard excitement about our new ads experiences directly from businesses, and are bringing Maps to cutting-edge new surfaces like Gemini Live and XR glasses.' 'It's been intense – but also intensely fun and energizing – and I've seen and heard the same from many of you,' I took on this role to lead K&I because I believe there's no better place to transform the lives of billions of users through this AI moment. This is the opportunity of a lifetime -- and it's here right now.'

Associated Press
21 minutes ago
- Associated Press
BlackBerry to Announce First Quarter Fiscal Year 2026 Results on June 24, 2025
WATERLOO, ON / ACCESS Newswire / June 10, 2025 / BlackBerry Limited (NYSE:BB)(TSX:BB) will report results for the first quarter fiscal year 2026 at 5:30 p.m. ET on Tuesday, June 24, 2025. The conference call can be accessed as a live webcast using the following link ( here ) or through the events section of the Company's investor webpage ( ) or by dialing toll free +1 (844) 763-8275 and entering Elite Entry Number 52549. A replay of the conference call will be available at approximately 8:30 p.m. ET on June 24, 2025, using the same webcast link (here ) or by dialing toll free +1 (877) 481-4010 and entering Replay Access Code 52549. The following table gives target dates for quarterly earnings announcements for the remainder of fiscal year 2026: * The dates given are for planning purposes only and a press release confirming the earnings date will be issued approximately 2 weeks before. About BlackBerry BlackBerry (NYSE:BB)(TSX:BB) provides enterprises and governments the intelligent software and services that power the world around us. Based in Waterloo, Ontario, the company's high-performance foundational software enables major automakers and industrial giants alike to unlock transformative applications, drive new revenue streams and launch innovative business models, all without sacrificing safety, security, and reliability. With a deep heritage in Secure Communications, BlackBerry delivers operational resiliency with a comprehensive, highly secure, and extensively certified portfolio for mobile fortification, mission-critical communications, and critical events management. For more information, visit and follow @BlackBerry. ### Investor Contact: BlackBerry Investor Relations +1 (519) 888-7465 [email protected] Media Contact: BlackBerry Media Relations +1 (519) 597-7273 [email protected] SOURCE: BlackBerry press release