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“After cautious consideration of all viable choices, the board made this troublesome choice,” stated MEC’s board chair Judi Richardson. “Regardless of vital progress on a considerate turnaround technique undertaken by new management, no technique might have anticipated or overcome the influence of the worldwide pandemic on our enterprise.”
Kingswood has dedicated to amass the vast majority of retail shops, and underneath the court docket safety of CCAA, MEC will proceed to function till the transition is accomplished. The deal is anticipated to shut within the fourth quarter of 2020. Monetary particulars weren’t disclosed.
MEC member and Canadian, Eric Claus, will lead Kingswood’s newly shaped Canadian affiliate as board chair and CEO.
“MEC is an iconic model based on sturdy values and has a loyal following,” stated Kingswood’s Managing Companion, Alex Wolf. “We have now large respect for these values and the loyal membership and are honoured to be partnering with Canadian working companions who will characterize us on the bottom in Canada working with MEC’s administration workforce following the closing to make sure a shiny future for MEC.”
