VANCOUVER —
Mountain Equipment Co-op says its board of directors has unanimously approved a deal in which a Los Angeles-based private investment firm will acquire MEC’s assets, including the majority of its retail stores.
Vancouver-based MEC says the transition from a co-operative structure to a subsidiary of Kingswood Capital Management is needed to ensure a stable future for the business.
The retailer said it has been granted court protection under the Companies’ Creditors Arrangement Act (CCAA), allowing it to continue operating e-commerce and retail stores while the transaction and other elements of the plan are completed. It says it will accept gift cards and honour warranties during this period.
No financial details were disclosed.
Kingswood managing partner Alex Wolf said in a statement he is “honoured” to work with his new Canadian operating partners and that his company is committed to continue to “inspire and equip” Canadians who enjoy an active outdoor lifestyle.
Long-standing MEC member and Canadian Eric Claus will lead Kingswood’s newly formed Canadian affiliate as chair and CEO.
MEC chair Judi Richardson said the “difficult decision” to sell MEC follows an extensive examination of options after the company was unable to overcome years of persistent financial challenges made worse by the impact of the COVID-19 pandemic.
Richardson said in an interview that although she could not speak for Kingswood’s future plans, the due-diligence discussions between MEC and Kingswood had indicated Kingswood was the bidder most likely to preserve the highest employment levels and number of stores.
During the creditor protection process, Kingswood will negotiate with landlords on preserving the footprint of at least 17 stores, she said.
“With the announced sale, we’ve essentially preserved a high number of stores — so a large bricks-and-mortar footprint across Canada — and will also preserve a number of employment opportunities for our current employees. And we believe that we’re really paving the way to the possibility of another 50 years of legacy,” Richardson said.
Although the deal represents the second CEO shakeup in as many years, Richardson said she is hopeful that members of MEC’s current executive leadership will stay with the company (even if the elected board does not). Richardson said that during discussions with the board, new CEO and board chairman Claus proved to be an “outdoor person” and also has co-op experience, having led Co-Op Atlantic as chief executive.
“We did bring in new leadership under Phil Arrata. He joined in July of 2019, and he and the team put a turnaround plan together — and they were executing, and executing well, on that turnaround strategy,” said Richardson.
Richardson said the company will likely continue with some of the plans that were already in place, including re-evaluating the types of products offered and the number of products offered in each category, as well as the supply chain. The creditor protection process will also help reduce the company’s debt, she said, as well as high “fixed costs” and inefficiencies.
“Kingswood themselves are putting some financial resources into this transaction, but they are not operating the business. And so they have partnered with (Claus)… and he’s very passionate about MEC,” said Richardson.
“I do believe that they have every intention of carrying on with the MEC purpose.”
During the transition from a co-operative to a private company, Richardson said, members would have to claim themselves as creditors to stake a claim on their $5 shares unless Kingswood decides on an alternative way to compensate the members (who become ordinary customers of the private business).
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.
— With files from Anita Balakrishnan in Toronto.
This report by The Canadian Press was first published Sept. 14, 2020.
Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.
In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.
Your level of interest in the company and the role.
Contributing to your employer’s success is essential.
You desire a cultural fit.
Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:
“What are the key responsibilities of this position?”
Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”
“What does a typical day look like?”
Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.
“How would you describe the company culture?”
Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”
Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.
“What opportunities are there for professional development?”
When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.
Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.
Here are my four go-to questions—I have many more—to accomplish this:
“Describe your management style. How will you manage me?”
This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.
“What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”
This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”
“When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”
Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.
“If I wanted to sell you on an idea or suggestion, what do you need to know?”
Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.
Other questions I’ve asked:
“What keeps you up at night?”
“If you were to leave this company, who would follow?”
“How do you handle an employee making a mistake?”
“If you were to give a Ted Talk, what topic would you talk about?”
“What are three highly valued skills at [company] that I should master to advance?”
“What are the informal expectations of the role?”
“What is one misconception people have about you [or the company]?”
Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.
The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.
Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.
Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.
On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.
The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.
Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.
Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.
Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.
On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.
This report by The Canadian Press was first published Oct. 31, 2024.
