Latest news with #TimGu
Time of India
7 days ago
- Business
- Time of India
Decathlon Canada to close most Ontario locations, including five GTA stores, by summer 2025
Decathlon Canada confirms GTA store closures amid Ontario exit strategy Decathlon Canada has announced the closure of most of its Ontario stores, including five locations across the Greater Toronto Area (GTA), as part of a broader operational shift. The French sporting goods retailer confirmed via its website that stores in Brampton, Burlington, Markham, Scarborough, and Vaughan will cease operations by the end of summer 2025. The announcement marks a significant retail exit for Decathlon Canada, which entered the Ontario market with plans for long-term expansion. The company did not specify a precise timeline for each store's final day of operations but confirmed the closures are scheduled to occur over the course of the summer. Also read: Canadian comeback: new owner Tim Gu aims to revive MEC with homegrown manufacturing push Decathlon Canada has not released details about the number of employees affected or whether there will be opportunities for internal transfers to remaining locations. The company has also not indicated whether other provinces will see similar closures or if the brand intends to concentrate its operations elsewhere in Canada. Live Events According to the company's statement: 'Decathlon Canada continues to assess its operations to ensure alignment with long-term goals and customer demand. We are committed to keeping customers informed as plans evolve.' All five impacted stores are located in high-traffic retail centers within the GTA. Decathlon's exit from these locations reflects broader challenges faced by international retailers in adapting to competitive regional markets. The sporting goods chain, known for offering a wide range of equipment and apparel at value pricing, first opened in Canada in 2018. Since then, it has expanded to several provinces but has reportedly faced pressures related to retail overhead, local competition, and consumer shopping trends. Customers holding gift cards or planning returns are encouraged to check the company's website for up-to-date policies and store-specific details. Online shopping options remain available through the retailer's Canadian e-commerce platform. Future operational plans, including possible new formats or regional adjustments, have not yet been announced. Decathlon Canada indicated further updates will be provided as the closure process continues.
Yahoo
18-05-2025
- Business
- Yahoo
MEC back under Canadian ownership after 5 years of U.S. management
Retailer Mountain Equipment Company (MEC), the B.C-based brand specializing in outdoor equipment, is back under Canadian ownership. The retailer had been sold in 2020 to U.S.-based Kingswood Capital Management after facing financial difficulties, which led to its dissolution as a consumer-owned co-operative, in what was described as "betrayal" by some members, thousands of whom mounted a campaign to block the sale. Several employees also quit, saying it no longer felt like the same company under private owners. The company's newest ownership group is described in a news release as "a group of Canadian investors" who have a "deep belief in MEC's purpose and a long-term vision for the business," led by Tim Gu, who also has stakes in Canadian brands Tilley and Roots. Also on board is longtime MEC member Chris Speyer as chief merchandising officer. He says bringing the brand back under local ownership feels particularly important at a time when consumers are seeking to avoid U.S. products amid the ongoing trade war and economic threats being faced by Canadians from their southern neighbour. "It's a profound moment, you know, where Canadians are more aware of their identity and their sovereignty than ever before," he said in an interview with CBC News. "And so being able to announce that we're becoming Canadian owned at this time feels important and relevant, you know, certainly to me and to all of our members and employees." MEC, formerly known as Mountain Equipment Co-op, was founded in 1971 in Vancouver by a group of mountain climbers looking to source quality gear and distribute it in the city. Members joined with a nominal fee and owned part of the venture, and helped drive the direction of the business. It eventually grew to more than five million members with nearly two dozen stores nationwide, making it Canada's largest consumer co-op.
CTV News
17-05-2025
- Business
- CTV News
‘Amazing enthusiasm' for MEC's return to Canadian ownership, executive says
A MEC store in Vancouver is seen in this file photo. (CTV News) Five years after it was sold to American investors in a creditor protection proceeding, popular outdoor retailer Mountain Equipment Company is back in Canadian hands. CEO Peter Hlynsky announced in a post on the company's website Friday that a Canadian investment group had become the company's majority owners. Hlynsky is part of that group, as is chief merchandising officer Chris Speyer, who spoke to CTV News via Zoom on Friday night. Speyer said the 'primary investor' of the group is Tim Gu, who is also a major shareholder in Roots, among other Canadian retail companies. 'We all come at this with a deep passion for the outdoors and a long-time connection to MEC,' Speyer said. 'We think that Canadian identity is more important than ever and we also think Canadians can build strategy for Canadians in a way that might be different than how international ownership might think about it.' He said the timing of the takeover is apt, given the current political climate caused by U.S. President Donald Trump's hostility to free trade with Canada and stated desire to annex his northern neighbour. Canadians' response to MEC's announcement has, so far, been 'amazing enthusiasm and pride,' Speyer said. He said the company employs 2,000 Canadians and is 'a Canadian institution.' The new ownership group will be looking to expand the company's made-in-Canada offerings, Speyer added. He also offered a positive assessment of the work the company's American owners have done since acquiring MEC in 2020. Kingswood Capital has done a good job stabilizing the company and maintaining continuity, Speyer said, adding that the company began looking for 'the right buyer' for MEC last August. 'Their business model is not long-term investing, it's relatively short-term investing,' he said. Speyer said the new ownership group is focused on the long term. MEC was founded in Vancouver in 1971 as Mountain Equipment Co-operative.
Yahoo
17-05-2025
- Business
- Yahoo
MEC back under Canadian ownership after 5 years of U.S. management
Retailer Mountain Equipment Company (MEC), the B.C-based brand specializing in outdoor equipment, is back under Canadian ownership. The retailer had been sold in 2020 to U.S.-based Kingswood Capital Management after facing financial difficulties, which led to its dissolution as a consumer-owned co-operative, in what was described as "betrayal" by some members, thousands of whom mounted a campaign to block the sale. Several employees also quit, saying it no longer felt like the same company under private owners. The company's newest ownership group is described in a news release as "a group of Canadian investors" who have a "deep belief in MEC's purpose and a long-term vision for the business," led by Tim Gu, who also has stakes in Canadian brands Tilley and Roots. Also on board is longtime MEC member Chris Speyer as chief merchandising officer. He says bringing the brand back under local ownership feels particularly important at a time when consumers are seeking to avoid U.S. products amid the ongoing trade war and economic threats being faced by Canadians from their southern neighbour. "It's a profound moment, you know, where Canadians are more aware of their identity and their sovereignty than ever before," he said in an interview with CBC News. "And so being able to announce that we're becoming Canadian owned at this time feels important and relevant, you know, certainly to me and to all of our members and employees." MEC, formerly known as Mountain Equipment Co-op, was founded in 1971 in Vancouver by a group of mountain climbers looking to source quality gear and distribute it in the city. Members joined with a nominal fee and owned part of the venture, and helped drive the direction of the business. It eventually grew to more than five million members with nearly two dozen stores nationwide, making it Canada's largest consumer co-op.
CBC
17-05-2025
- Business
- CBC
MEC back under Canadian ownership after 5 years of U.S. management
Retailer Mountain Equipment Company (MEC), the B.C-based brand specializing in outdoor equipment, is back under Canadian ownership. The retailer had been sold in 2020 to U.S.-based Kingswood Capital Management after facing financial difficulties, which led to its dissolution as a consumer-owned co-operative, in what was described as "betrayal" by some members, thousands of whom mounted a campaign to block the sale. Several employees also quit, saying it no longer felt like the same company under private owners. The company's newest ownership group is described in a news release as "a group of Canadian investors" who have a "deep belief in MEC's purpose and a long-term vision for the business," led by Tim Gu, who also has stakes in Canadian brands Tilley and Roots. Also on board is longtime MEC member Chris Speyer as chief merchandising officer. He says bringing the brand back under local ownership feels particularly important at a time when consumers are seeking to avoid U.S. products amid the ongoing trade war and economic threats being faced by Canadians from their southern neighbour. "It's a profound moment, you know, where Canadians are more aware of their identity and their sovereignty than ever before," he said in an interview with CBC News. "And so being able to announce that we're becoming Canadian owned at this time feels important and relevant, you know, certainly to me and to all of our members and employees." MEC, formerly known as Mountain Equipment Co-op, was founded in 1971 in Vancouver by a group of mountain climbers looking to source quality gear and distribute it in the city. Members joined with a nominal fee and owned part of the venture, and helped drive the direction of the business. It eventually grew to more than five million members with nearly two dozen stores nationwide, making it Canada's largest consumer co-op.
