According to the Wikipedia:
Facing mounting financial losses in 2019 and during the COVID-19 pandemic in Canada, in September 2020, without consulting its membership, the board of directors of the co-operative entered into an agreement to sell its assets to Kingswood. Following the completion of the deal in late October, Kingswood began operating the retail assets as a for-profit business.
In May 2019 the former chief financial officer at Best Buy Canada, Philippe Arrata, was appointed as CEO of MEC. Arrata had been an MEC board member between 2015 and 2018, and was also an adjunct professor at the University of British Columbia's Sauder School of Business.[58]
In December 2019, MEC announced a net loss of $11.5 million for the fiscal year that had ended February 24, 2019, which included restructuring charges of $8.5 million. This compared to net earnings of $11.7 million a year earlier.
In May 2020 Steve Grant, a former MEC staff member and former member of the board of directors, along with other long-term members, accused the MEC board of rigging its own elections since 2012, to allow it to stack the board with its own preferred members. The board had amended its own rules to allow it to recommend candidates on the ballot that it wanted elected and exclude candidates it deemed unqualified.
Feels like they got MBA'd and Private Equitied. We all know how that ends.
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