Mountain Equipment Co-op (MEC), which recently won court approval for a sale to Kingswood Capital Management, a California-based private-equity firm, will lay off fewer employees than previously planned and close only one store following the takeover, according to a report from CTV News.
MEC plans to keep 85 percent of its workforce once the deal closes, up from a minimum of 75 percent that Kingswood Capital Management Ltd previously indicated. Kingswood plans to keep 21 of its 22 stores open, up from an initial plan for a minimum of 17.
Photo courtesy MEC
