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Thread: Covid19 Bankruptcy Thread

  1. #581
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    Game over for MEC. The board finally ran the company into the ground.

    https://www.newswire.ca/news-release...sn1wPcaqJwDrVU

  2. #582
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    Quote Originally Posted by mazdavirgin View Post
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    Game over for MEC. The board finally ran the company into the ground.

    https://www.newswire.ca/news-release...sn1wPcaqJwDrVU
    it's unfortunate what happened to MEC. Ruined a good formula by trying to go "hollywood".

  3. #583
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    MEC of the 90's and even early 2000's was so great.
    Originally posted by SJW
    Once again another useless post by JRSCOOLDUDE.
    Originally posted by snowcat
    Don't let the e-thugs and faggots get to you when they quote your posts and write stupid shit.
    Originally posted by JRSC00LUDE
    I say stupid shit all the time.
    ^^ Fact Checked

  4. #584
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    MEC is no different than Atmosphere or any other outdoor place at this point. Has been like that for a number of years. Sucks because I remember going there in the late 80s and they had great service, great products and worked to always improve products.

    Went there during covid and it was a shit storm. You'd think eCommerce was recently invented.

  5. #585
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    I used to be a hardcore MEC fanboi, and I still think some of what they sell is good value, but it's sure not what it was. So can I has deeply discounted backpacks now? I need a new one.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  6. #586
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    So how do you think the sale of MEC to this other company will change it?

  7. #587
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    Quote Originally Posted by nzwasp View Post
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    So how do you think the sale of MEC to this other company will change it?
    They'll sell off all their real estate holdings, and lease them back for long enough to gut it like a fish. In the meantime expect the lifetime warranty to be immediately canned.

    Does make me wonder, do all co-op membership holders get their membership converted to stock, or what? How does that even work when selling a co-op?

    MEC will be an interesting case study in how a co-op board can absolutely auger a successful outfit into the ground.

  8. #588
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    Presumably equity value is 0 so they will get their shares paid out for 0 consideration.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

  9. #589
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    Quote Originally Posted by killramos View Post
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    Presumably equity value is 0 so they will get their shares paid out for 0 consideration.
    Sounds about right. I'd heard that up until recently membership holders could cash in their membership, so it must have held some value at one time.

  10. #590
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    So when this happens does the parent company take over that promise to lease space in west calgary or do they just fold on that responsibility and it becomes the landlords issue

  11. #591
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    Quote Originally Posted by BerserkerCatSplat View Post
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    They'll sell off all their real estate holdings, and lease them back for long enough to gut it like a fish. In the meantime expect the lifetime warranty to be immediately canned.

    Does make me wonder, do all co-op membership holders get their membership converted to stock, or what? How does that even work when selling a co-op?

    MEC will be an interesting case study in how a co-op board can absolutely auger a successful outfit into the ground.
    Note that Calgary Co-Op is currently sprinting down this auger path by switching grocery providers without fully thinking it through which somehow fucked up their ability to rebate on fuel.
    Now it's mid September and they haven't announced any fuel rebates when it was an incredible $0.08/L last year. I've completely stopped buying fuel there because I'm concerned the rebate will be zero when their competitors like Canadian Tire, Superstore and Costco all offer something near 5¢/L. I don't think too many others have yet, but, they will when their rebate cheques are a fraction of what they're used to getting and that will start hurting their business.

  12. #592
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    Dunno when this happened, probably not COVID-related, but I just noticed the McLeod Tr. Partsource is gone.

  13. #593
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    Quote Originally Posted by ThePenIsMightier View Post
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    Note that Calgary Co-Op is currently sprinting down this auger path by switching grocery providers without fully thinking it through which somehow fucked up their ability to rebate on fuel.
    Now it's mid September and they haven't announced any fuel rebates when it was an incredible $0.08/L last year. I've completely stopped buying fuel there because I'm concerned the rebate will be zero when their competitors like Canadian Tire, Superstore and Costco all offer something near 5¢/L. I don't think too many others have yet, but, they will when their rebate cheques are a fraction of what they're used to getting and that will start hurting their business.
    I’m concerned about this, I’ve already bought around 8000L of fuel from CO-OP so far this year.

  14. #594
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    Quote Originally Posted by Twin_Cam_Turbo View Post
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    I’m concerned about this, I’ve already bought around 8000L of fuel from CO-OP so far this year.
    I'm nowhere near that but I might be pushing near 3,000L when I stopped and I could've bought all of those elsewhere.

  15. #595
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    what does changing grocery providers mean?

  16. #596
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    Quote Originally Posted by nzwasp View Post
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    what does changing grocery providers mean?
    They quit buying groceries/produce/perishables from the mother ship "Federated Co-Op" and started buying wholesale from Save On Foods. That pissed Mother Ship off and there are lawsuits. That seems to have trickled down into the fuel rebates area.
    I think there might even be a thread about this.

  17. #597
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    Essentially any Coop-Gold brand you saw in Calgary Coops will no longer be available. I believe all the rural Coops will be business as usual.

    Back to MEC, it's just sad to see what happened to it. I still remember getting my first jacket from the store by the 10 St bridge. For pretty much for as long as I can remember, if I needed anything outdoor related I wouldn't even bother shopping around. In the end, the actual brand of MEC gear was degrading rapidly.
    Last edited by msommers; 09-14-2020 at 10:31 PM.
    Ultracrepidarian

  18. #598
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    That sucks about the Co-Op Gold branded stuff, there was a couple of things we really liked.

  19. #599
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    Quote Originally Posted by npham View Post
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    That sucks about the Co-Op Gold branded stuff, there was a couple of things we really liked.
    rip these jams

    Also the names of the new coop brands, just terrible.

  20. #600
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    The store by the 10th street bridge, so good. Monastery now hey?
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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