NEW WESTMINSTER – NDP MP Peter Julian and his colleagues Alexandre Boulerice and Brian Masse have written a letter to Minister of Innovation, Science and Industry, Navdeep Bains, calling on him to intervene after news emerged that Mountain Equipment Co-op (MEC), without consulting its member-owners, will be sold to Kingswood Capital Management, an American firm.
The Supreme Court of British Columbia ruled earlier today that the sale could go ahead. Unless there is action from the federal government, the co-op will be sold to foreign interests.
“We are calling on the minister to have his department suspend the sale and make an exception to the procedures for reviewing the sale of companies so that a thorough study of the transaction can be done,” said Julian. “Given that this is a cooperative and not a private company, we believe that this exception is justified and necessary—2,500 employees and their families across the country are depending on it.”
Julian and his NDP colleagues asked the minister to take a stand and ensure that the country does not lose an exemplary cooperative to foreign interests. Concerns have been raised that MEC workers will lose their jobs during this takeover.
New Democrats are joining with the Save MEC campaigns’ letter calling on MEC’s major creditors, namely TD, CIBC and RBC, to grant a two-week extension on the loans so that co-op members have time to come up with an alternative plan to the sale to Kingswood Capital Management.
“What is happening here just isn’t right and the government has a responsibility to step in. MEC’s member-owners have been robbed of their right to speak, and their right to organize against the board’s unprecedented action has been trampled. The only remedy is for the Trudeau government to take action against the foreign takeover of one of Canada’s largest cooperatives.”