The sale of MEC to a foreign investment firm feels like a betrayal - The Globe and Mail | Canada News Media
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The sale of MEC to a foreign investment firm feels like a betrayal – The Globe and Mail

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A MEC store is seen in Vancouver, B.C. on Sept. 15, 2020.

JONATHAN HAYWARD/The Canadian Press

Charlotte Gill is the author of Eating Dirt, a book about trees and tree-planting.

When I walked into Mountain Equipment Co-op for the first time, I’d just been hired as a tree-planter. I was still a teenager and owned little in the way of camping gear. The store was like a small island nation of outdoor enthusiasm. Crossing the threshold was, and still is, like entering a gearhead’s paradise in which every kayak paddle, stove part or topo map known to humanity was within reach. Its sales model was encyclopedic. They sold flashy new lines but also vintage fan favourites, plus all the parts required to repair those items. Each aisle represented an epic adventure waiting to unfold.

Ever since then, I’ve been a heavy MEC user and have amassed a basement full of outdoor equipment, much of it acquired there, some of it still going strong after 30 years of abuse. I’m one of the many customers who still has a square of laminated cardboard, a first membership at “The Co-op,” as it’s still often called, no further modifiers necessary. That membership kept me company through many years of planting trees and through all my travels around the world. The Vancouver store has provisioned me with trail running shoes, ski gloves, sleeping bags, hydration bladders, energy gels, bike pedals, sporks, carry-on bags and multiday backpacks. It’s kept me covered through tears and sweat and shivers, through half a dozen sporting pursuits I never thought I’d even try let alone fall in love with. To me, and to legions of devoted fans, the sale of MEC to an American investment company isn’t just another sign of the retail apocalypse. It’s something like a betrayal.

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MEC was originally the brainchild of six Vancouver mountaineers who started in the 1970s making small, cross-border runs to outdoor equipment retailer REI, whose co-operative structure MEC shares. Gear was bought and sold out of the back of a powder-blue VW van, a replica of which is housed inside the new flagship megastore in Vancouver’s Olympic Village. The first catalogue was a one-page list taped to the door of the Student Union Building at the University of British Columbia, and through its early iterations, the store was run by volunteers.

By the time I discovered MEC 20 years later, it had built a solid trade catering to dirtbag climbers but also to birdwatchers and first-time hikers as well as professional bike couriers and tree-planters like me, all of whom shared an urgent need for comfortable, tough, relatively well-priced equipment. Sales staff knew every product’s precise location, constituent materials and field performance because they’d used it all themselves, often thrashing it to tatters, just as their customers did with repeated use.

The resulting community was a multigenerational, interdisciplinary and remarkably tolerant mixture of experts and beginners, old-school hippies, mountaineers, families and urban weekend warriors. The co-op understood its own history and mandate because its shareholders were also its customers. MEC cared about the environment, and conducted its business accordingly, because its members cared.

Over the years, MEC has donated $44-million to community and conservation groups. Through its endowment fund it has supported the acquisition and preservation of many parks and protected areas. MEC is a founding partner or member of organizations such as Leave No Trace Canada and 1% for the Planet. The co-op has hosted countless races, rides, clinics, meet-ups, gear swaps and outdoor learning programs. Even its warrantied product returns are given to charity.

But MEC seemed to drift from this grassroots ethic over time, a development not lost on its loyal clientele. The co-op faced new competition from online retailers and knock-off brands, some of whom opened their doors just a short jog away. A long reach into streetwear and athleisure markets accompanied several bricks-and-mortar expansions. Enter a new chief executive with big-box credentials.

All of this felt like bloat if not a straying from core values, which also faced scrutiny for their seemingly myopic focus on a white, cis-gendered, thin and able-bodied membership, an oversight that management only began to address very recently. A final irony, the pandemic that brought record numbers of Canadians into the great outdoors this summer was also the force that hastened the demise of the co-op that had equipped them in the first place.

When the sale was announced on Monday, the outcry was swift and passionate. MEC’s five million-plus members were never consulted about the takeover or granted a chance to vote or otherwise rescue their beloved co-operative from $74-million in liabilities. No one agreed to donate their $5 membership shares, nor to give away their consumer data to a foreign-owned private equity firm. At the time of this writing, a petition to block the privatization had reached more than 73,600 signatures.

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Short of a miracle or a successful class action, Kingswood Capital Management will soon own the MEC brand, with “Co-op” removed from its name. This may not be the last stand for the iconic green logo, but it still feels like the beginning of the end for a community institution, a heartbreaking close for the people’s outdoor store.

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Economy

S&P/TSX composite up more than 250 points, U.S. stock markets also higher

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TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.

The S&P/TSX composite index was up 254.62 points at 23,847.22.

In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.

The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.

The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.

The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Investment

Canada’s Probate Laws: What You Need to Know about Estate Planning in 2024

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Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.

For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.

Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.

Let’s unearth how these updates can simplify the process for you and your family.

What is probate?

Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.

Here’s how it works.

  • Validating the will. The court checks if the will is legal and valid.
  • Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
  • Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
  • Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.

Probate ensures everything is done by the book, giving you peace of mind during a difficult time.

Recent Changes in Canadian Probate Laws

Several updates to probate law in the country are making the process smoother for you and your family.

Here’s a closer look at the fundamental changes that are making a real difference.

1) Virtual witnessing of wills

Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.

Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.

2) Simplified process for small estates

Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.

Fewer forms and legal steps mean less hassle for families handling modest estates.

3) Substantial compliance for wills

Courts can now approve wills with minor errors if they reflect the person’s true intentions.

This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.

These changes help make probate less stressful and more efficient for you and other families across Canada.

The Probate Process and You: The Role of a Probate Lawyer

 

(Image: Freepik.com)

Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.

Here’s how they can help.

Navigating the legal process

Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.

Handling paperwork and deadlines

They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.

Resolving disputes

If conflicts arise, probate lawyers resolve them, avoiding legal battles.

Providing you peace of mind

With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.

With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.

Why These Changes Matter

The updates to probate law make a big difference for Canadian families. Here’s why.

  • Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
  • Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
  • Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
  • Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.

With these changes, probate becomes smoother and more manageable for you and your family.

How to Prepare for the Probate Process

Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.

  1. Create a will. Ensure a valid will is in place to avoid complications.
  2. Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
  3. Organize documents. Keep key financial and legal documents in one place for easy access.
  4. Talk to your family. Have open conversations with your family to prevent future misunderstandings.
  5. Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.

These simple steps make the probate process easier for everyone involved.

Wrapping Up: Making Probate Easier in Vancouver

Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.

Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.

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Economy

Energy stocks help lift S&P/TSX composite, U.S. stock markets also up

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TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.

The S&P/TSX composite index was up 34.91 points at 23,736.98.

In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.

The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.

The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.

The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.

This report by The Canadian Press was first published Sept. 17, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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