I am substantially bummed by the news that Mountain Equipment Co-op is under credit protection and has agreed to be acquired by a U.S.-based private investment firm. The firm has agreed to keep at least 17 of MEC’s 22 stores open, but MEC as we know it will be no more: it will be a privately held company, not a cooperative—another retail institution to disappear into the maw of private equity. I’ve been a member for decades and have had a lot of affection for the joint, even if I haven’t been buying as many things there lately as I have in the past. (Which might be the problem, if I’m not alone in that.)
Definitely a sad day for co-op business in Canada. I remember what used to be the Saskatchewan Wheat Pool with some fondness as well for similar reasons.