this post was submitted on 16 May 2025
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[–] bjorney@lemmy.ca 22 points 2 weeks ago (1 children)

They broke the co-op to sell themselves to private equity

They were already under creditor protection when the sale happened. You can blame the old board for bankrupting the co-op, but the private equity acquisition was handled by the courts

[–] swordgeek@lemmy.ca 21 points 2 weeks ago (2 children)

A small number of board members biased the vote to get moreof their friends onto it. The now-majority proceeded to run the co-op like a for-profit business, expanding for growth's sake, and ensuring that if (when) the co-op failed, they'd make out like bandits. They then voted to violate the charter of the company, declare themselves a for- profit corp, and sell to US investors.

Those fuckers didn't even pay out the shares to us owners. They stole the co-op from us.

[–] twopi@lemmy.ca 2 points 2 weeks ago (1 children)

And worse of all the courts did nothing about it. But the courts would be very happy with protecting shareholders of private and publicly traded companies.

[–] Tiger666@lemmy.ca 3 points 2 weeks ago (1 children)

Co-ops are such a socialist thing.

[–] yannic@lemmy.ca 3 points 2 weeks ago* (last edited 2 weeks ago) (1 children)

You say that as if it's a negative.

[–] swordgeek@lemmy.ca 2 points 2 weeks ago (1 children)

I read it as sarcastic - what the courts are quietly thinking.

[–] Tiger666@lemmy.ca 1 points 2 weeks ago

Exactly(socialism would be great!).

[–] SplashJackson@lemmy.ca 2 points 2 weeks ago (1 children)
[–] swordgeek@lemmy.ca 6 points 2 weeks ago

The entire board of directors after their political coup. From about 2009 onwards, they restructured to focus on growth growth GROWTH! That was when they started to ramp up Chinese-made products and wind down their own manufacturing, and when they started to sell bikes under their own brand name.