VANCOUVER — Mountain Equipment Co-op says its board of directors has unanimously approved a deal in which Kingswood Capital Management will acquire MEC’s assets, including the majority of its retail stores.
MEC has been granted protection under the Companies’ Creditors Arrangement Act (CCAA), allowing it to continue operating while the transaction and other elements of the plan are completed.
Alvarez & Marsal Canada Inc. has been appointed by the court as the monitor under the CCAA proceedings.
The transaction remains subject to regulatory approvals and is expected to close in the fourth quarter of 2020.
This is a developing news story and will be updated.