Mountain Equipment Co-op to a private U.S. firm.The sale was announced Monday, and will see Los Angeles-based private investment firm Kingswood Capital Management acquire the business and its assets.
As a result, the retailer will no longer operate as a member-owned co-operative.“People are really upset. They’re angered; they feel betrayed; they feel that there was no consultation here from the board — they feel the board has failed in its duty,” petition organizer Paul Finch told Global News.“What we’re really asking for immediately is that we want this stopped.
We think the board of directors at MEC has lost the confidence of the membership. We want them to resign; we want elections held.” Mountain Equipment Co-op sold to private U.S..