Inventory had been piling up and sales weren’t close to relieving the burden, with online retail kneecapping the Canadian outdoor giant. Their board revealed this week it unanimously approved a sale to Los Angeles-based Kingswood Capital Management. ADVERTISEMENTThe acquisition will allow MEC to continue using the name and the brand, Richardson has explained. 5 million people have signed on as MEC members, and paid $5 for one share in the company. The past decade, however, saw blow after blow begin to hobble the financial foundation of the brand.