Last year, the retailer detailed financial problems caused by slow sales, inventory backups, supply chain problems and ever-increasing online competition. "Today's announcement, including the transition from a co-operative structure, is creating a positive path forward for MEC." Richardson said the new organization will continue to use the MEC name and brand. "Hopefully as the new stewards of the brand.. members going forward [will] stay with MEC and continue to get value out of it." This will allow MEC to continue operating its retail business while the acquisition is completed.

Source: CBC News September 14, 2020 22:52 UTC