Wednesday, October 21, 2020

MEC to put off fewer staff than deliberate, with 1 retailer to shut, new house owners say | Carihargater

Mountain Tools Co-op says will probably be letting go of fewer staff than beforehand deliberate, with only one retailer set to shut following its takeover by a U.S. non-public funding agency.

The Vancouver-based firm says 85 per cent of its lively workforce will stay on the job as soon as the deal closes, up from a minimal of 75 per cent that Kingswood Capital Administration Ltd. beforehand indicated.

MEC had 1,516 staff as of Sept. 7, together with 1,143 who have been lively principally in B.C. and Ontario, in response to a monitor’s report when it was beneath creditor safety.

The report additionally mentioned it had 197 employees on depart and 176 on layoff.

Kingswood plans to maintain 21 of its 22 shops open, up from its unique plan for no less than 17 shops.

After battling sluggish gross sales, stock points and rising on-line competitors, MEC filed for creditor safety on Sept. 14 and introduced its sale to a Canadian subsidiary of Los Angeles-based Kingswood.

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