Statement regarding Mountain Equipment Co-op (MEC)
Oct 2, 2020
GUELPH, ON, Oct. 2, 2020 – We know the news of Mountain Equipment Co-op (MEC) filing for creditor protection and announcing the sale of the co-operative has raised concerns within the co-operative community including among our employees and members. MEC has been a strong supporter of the co-operative model and of The Co-operators over the years and we have enjoyed our relationship with them.
Like so many, we are deeply disappointed by this evolving situation.
In this unprecedented year we know that countless Canadian businesses, including many co-operatives, have faced immense challenges in delivering their valuable goods and services. From food production, to retail services, to affordable housing, financial services and more, Canada’s diverse co-operatives enrich our communities with collaborative solutions that build collective resilience. Looking ahead, we know the world will need more co-operation and partnership, not less, to solve complex challenges while addressing the uncertainty we face today. We believe this truly is a competitive advantage of the co-operative system.
We also believe that in times like these it is more important than ever for co-ops, mutuals, and their members to continue to stand together and support one another – that is the basic foundation of our roots and values.
The Co-operators remains committed to championing the co-operative movement in Canada and globally by upholding this unique, and community-focused business model that has stood the test of time. 75 years ago, our own co-operative was founded in a time of financial hardship, when the spirit of co-operation brought a group of Canadian farmers and social pioneers together to meet their insurance needs. Today, Canadian communities and our economy are more robust, resilient, and diverse thanks in large part to the existence and contributions of the thousands of co-operatives and mutuals across the country.
As always, The Co-operators will continue to make decisions through the lens of our co-operative values, and we will strive to meet the evolving needs of our members, our clients, and the communities we serve from coast-to-coast-to coast for the next 75 years and beyond.
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $51.4 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is ranked as a Corporate Knights' Best 50 Corporate Citizen in Canada and listed among the Best Employers in Canada by Kincentric (formerly AON). For more information, visit www.cooperators.ca.
For more information, contact: MEDIA@cooperators.ca