Some of the 5.2 million members of Canada’s Mountain Equipment Coop have organized a fund raising drive to counter an offer made by Los Angeles-based Kingswood Capital that would buy the financially troubled retailer out of the equivalent of bankruptcy. It is unclear what Kingswood’s bid for the assets is except that it has guaranteed to cover the C$74 million in secured debt and pledged to retain at least 75% of MEC’s employees and assume the leases for at least 17 of its 22 stores.

The main trigger for the Save MEC movement seems to be the announcement that the company ... Log in to view full article.