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Thread: Covid19 Bankruptcy Thread

  1. #641
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    Quote Originally Posted by HiSpec View Post
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    No love for Yi Fang?

    Supposedly the (another) popular chain from Taiwan, Xing Fu Tang will open at the new south T&T (October) and Harvest Hill T&T.
    What new south t&t

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    Quote Originally Posted by nzwasp View Post
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    What new south t&t
    Pfft, even this old white guy knows there's a south T&T coming.

  3. #643
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    Quote Originally Posted by nzwasp View Post
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    What new south t&t
    Winter 2020.

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    Quote Originally Posted by speedog View Post
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    Pfft, even this old white guy knows there's a south T&T coming.
    The asians have found us worthy of a T&T. Although my wife (asian) swears the NW T&T is just as close to the summit than deerfoot meadows

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    Quote Originally Posted by msommers View Post
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    It is sad that MEC went out like this, but I think they just need to let it die, if it comes back as a for profit MEC I can see Canadians turning their back on it. And there are other places out there for example thelasthunt.com is a pretty good site for camping gear.

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    Quote Originally Posted by HiSpec View Post
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    No love for Yi Fang?

    Supposedly the (another) popular chain from Taiwan, Xing Fu Tang will open at the new south T&T (October) and Harvest Hill T&T.
    Tried it once at Beacon, don't really care for it.

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    Quote Originally Posted by mazdavirgin View Post
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    The COOP sold MEC under creditor protection to a company which specializes in bankruptcy restructuring. The reason they sold is that MEC was upside down about 100 million dollars and the creditors wanted to get paid. Not much choice in the matter no matter what you read in the news. There's a bunch of idiocy out there around petitions or whatnot which is a good example of a complete misunderstanding of what just went down. The membership has no say no matter what the numb nuts behind the petition tell you because it's a court ordered bankruptcy procedure...
    That 100 million due to some stupid moves by the Board in wanting to be in expensive retail locations. The board was pretty shady this year, taking votes in the AGM for a new board, and then deciding to not release the results cause of ‘covid’. Also they didn’t release their financial statement (again, ‘covid’). I have no doubts that this is likely what would have come to fruition no matter what, but they probably should have been forthright to their COOP members that they’ve been looking for a buyer since March..

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    There are a lot of retail spaces looking to be leased in DT

    It's sad days ahead (right now?).
    Doing It For the 'Gram

    I ain't worried 'bout it right now..

  9. #649
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    Quote Originally Posted by msommers View Post
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    Pretty much that whole thing is just nutty. The petition won't do jack and the facebook group is filled with nutters who think they should get a vote on a bankruptcy filling. It's like yeah cool so you want to bail out MEC to the tune of 100 million from the pockets members this year. That's something insane like 1 million folks giving the COOP 100$ for free... What are you going to do next year when they are another tens of millions in the hole? The only way they are getting out of this is bankruptcy. In the hope that they will be able to drop all the leased stores.
    Last edited by mazdavirgin; 09-22-2020 at 10:13 AM.

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    I don't disagree with you...

    Surely this will all be blamed on covid, but it's been at 5 years of decline. Too many stores, too fast, piss-poor management and foresight drove this in the ground. Covid was their scapegoat.
    Ultracrepidarian

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    Quote Originally Posted by msommers View Post
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    I don't disagree with you...

    Surely this will all be blamed on covid, but it's been at 5 years of decline. Too many stores, too fast, piss-poor management and foresight drove this in the ground. Covid was their scapegoat.
    To be fair the COOP has been in financial trouble ever since they stopped paying out membership dividends... That was pretty much the best indication that things had seriously gone wrong from a financial perspective. If you're not having sales since you're a COOP and you no longer pay out dividends the reasons to shop there becomes less than compelling. I've been buying most of my climbing related stuff from Valhalla, Sport Chek/Atmosphere, ClimbOn Squamish and the EpicTV online store.

  12. #652
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    I went into MEC 5 times in my entire life, and only bought something there once.
    Out of my very limited experience there, it always felt like a bunch of white people who didn't care they could get the same thing cheaper elsewhere.

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    Quote Originally Posted by Disoblige View Post
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    I went into MEC 5 times in my entire life, and only bought something there once.
    Out of my very limited experience there, it always felt like a bunch of white people who didn't care they could get the same thing cheaper elsewhere.
    They used to be the only game in town for certain items but they have in recent times been branching out into more mainstream items. Turns out they are not well setup to compete with the Forzani group/Canadian Tire... Who would have thought that selling yoga mats and "active" wear is a race to the bottom in terms of prices?

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    the return policy was the compelling reason, however looking through their debtors list does make you really wonder the direction. Why compete with the likes of bass pro, amazon, direct, etc to carry fucking 500k of yeti stock?

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    Quote Originally Posted by nzwasp View Post
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    The asians have found us worthy of a T&T. Although my wife (asian) swears the NW T&T is just as close to the summit than deerfoot meadows
    Given Glenmore is a shit show sometimes (pre-covid) she may be right on time, definitely wrong on distance.

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    Quote Originally Posted by mazdavirgin View Post
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    To be fair the COOP has been in financial trouble ever since they stopped paying out membership dividends... That was pretty much the best indication that things had seriously gone wrong from a financial perspective. If you're not having sales since you're a COOP and you no longer pay out dividends the reasons to shop there becomes less than compelling. I've been buying most of my climbing related stuff from Valhalla, Sport Chek/Atmosphere, ClimbOn Squamish and the EpicTV online store.
    Ever have to return anything to Valhalla? They have some nice stuff, particularly Big Agnes tents!
    Ultracrepidarian

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    Quote Originally Posted by mr2mike View Post
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    Julio's was done before covid I believe.
    Julios was closed way before covid, tbh im surprised that place lasted as long as it did. If i recall right i went there about 15 years ago.

    Quote Originally Posted by Mitsu3000gt View Post
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    Does anyone know if Jackie's Thai in Eau Claire is definitely permanently closed? Now there will be no reason at all to go to that mall haha.
    My brothers best friends cousins sisters boyfriends brothers aunts friend knows a guy who went to junior high with the owners and hes good at guessing so he thinks they will re open
    Quote Originally Posted by Mitsu3000gt View Post
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    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
    Quote Originally Posted by Mitsu3000gt View Post
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    If anything we made a better decision because we had a consensus and were all on the same page.

  18. #658
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    Quote Originally Posted by Rocket1k78 View Post
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    My brothers best friends cousins sisters boyfriends brothers aunts friend knows a guy who went to junior high with the owners and hes good at guessing so he thinks they will re open
    Originally posted by sputnik
    Cell providers are the next Blockbuster video stores.

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    MEC the only company that was building brick and mortar stores to expand in 2017-2020.
    Should have focused on the digital experience. Free shipping, free returns.
    More central warehouses to facilitate this. A lot of shipping could be had for the physical store and all the labour costs, etc.

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    Quote Originally Posted by mr2mike View Post
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    MEC the only company that was building brick and mortar stores to expand in 2017-2020.
    Should have focused on the digital experience. Free shipping, free returns.
    More central warehouses to facilitate this. A lot of shipping could be had for the physical store and all the labour costs, etc.
    Considering the south store was essentially just a referral for all things not clothing, definitely agree. Place had no stock and just referred you back down town anyway.

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