Crooks, the lot of them!!

Cabelas

Isn’t the rest of the story about the Cabelas family with no one left to truly run it? They decided to sell out and cash out. The hedge fund guys only do what you know they are going to do - take money out of your pocket and put it in theirs.

Meh, the hedge fund didn't destroy Sidney.

Dick's kids didn't want to run a business and keep the town employed, they just wanted their cash.

Dick destroyed Sidney because he died without a plan in place to 'protect' it.

Compare Sidney to Bentonville. Both were roughly the same size in 1960 and both were home to companies started within a year of each other with equally humble beginnings.

All I know is it took a big downturn after it went public. I do most of my business with Midway now. It's what Cabela's was.

quote:

Originally posted by lavaca:
All I know is it took a big downturn after it went public. I do most of my business with Midway now. It's what Cabela's was.

Mr. Potterfield is quite a good guy, it seems. I still prefer the “mom & pop” gun store when possible. They also “thank you for your business.”

Academy does also get some of my business.

When Cabela's was primarily in the mail order business they were a low-price leader. They are still a price leader -- just at the other end of the scale. Low prices built their business and high prices killed it. "Bass Pro Shops" -- give me a break.

When Bass Pro Shops acquired Cabela's the quality of a lot of their merchandise declined. I don't buy from them anymore.

Dave

Saw an interview with one of the Cabela's honchos years ago. He contrasted what happens in a smaller town when they move in as opposed to when Walmart moves in ie Cabela's was a destination and so attracted more business to the town and didn't compete with most of the established businesses whereas Walmart tended to drive a lot of the mom and pop stores out of business when they moved in.
Kind of ironic that a similar situation happened to Sydney.
It's a shame. Cabela's used to be a good store.

Just as the big oil conspiracy was Bill O'Reilly's blind spot, this Cabelas "outrage" is Carlson's achilles heel.

Should mergers be blocked by politicians if job losses might ensue? If a town in their state might lose jobs? Do you want Nancy Pelosi or Chuck Schumer deciding what mergers are beneficial and what mergers are "un-American".

The board of directors of the company, representing the owners of the company, makes decisions about the company. Get it Tucker?

It is a business. It changed. Part of life. My Grandad who was an old-style Texas Democrat always told me: "The only 'right' a working man has...is the right to quit."

I find it sad that the Cabela's Family didn't keep up the Legacy...but it was their business and I support their right to do as they wish with it.

Dick is dead. Mary is in her 80's. I am not sure if Dick's brother is alive or not. No idea if the children wanted or had the skills to run it.

They worked their entire lives building up that business. They did a lot and continue to do a lot for conservation. Things that cost millions of dollars. If you were in their shoes, would you want to cash out at some point?

No doubt things changed when the hedge fund guys come around. Blame them if you want. They seem to leave a path of destruction everywhere they go.

Absolutely their right to cash out and good on them. It's also the new owner's right to run their company as they wish. The "authenticity" went down the drain long before they sold, though.

One example and not illegal, just crappy IMHO: Cabela's carried other brand's products and resold, like any retailer. They then, legally because lots of things aren't patented, copied many of these products, put their brand name on them, charged less because they can. Basically, used other company's R&D to launch their product lines. Happens all the time, I get it, but left a very bad taste in several companies mouths.

I shop Scheels, Midway and others.

Scheels is opening their first store in DFW, I'm looking forward to checking it out.

Yeah, I saw that. Damn sad story but the Cabelas' had the right to do what they did, the company was theirs to dispose of.


.

Every cabela shareholder should be thanking Paul singer and Elliot for getting them out of a slowly melting business.

Elliot got activist and for being super smart guys actually invested in a turd.

They saw that fast and the minute Bass Pro signed the deal - Elliot dumped half their position to other risk arbs funds.

The minute Johnny Morris signed the deal he regretted it and wanted out. Bass Pro did everything to get away from the turd. The marger arb spread I think was $25 at one point in a $65 deal. The contract signed was solid and Johnny Morris ended up kick and screaming owning the turd.



https://www.cnbc.com/2017/02/1...w-looking-shaky.html

Goldman took preferred for $1.8


https://www.cnbc.com/2018/03/0...wkward-position.html


Now bass pro has to run the massive leverage it took on to acquire not a very good business and too high a price thru it’s financials.

Johnny Morris does not have to answer to public investors just Goldman sitting in preferred and the bank group with secured interest in all of the assets.

Cabelas shareholders should again thank Elliot for getting them the $$$$.

Mike

A sad commentary, on a once great place to shop!

Being about the same age as Dick Cabella, I can understand their right to cash out and relax in retirement. However everyone knows the move hurt a lot of long time consumers of their once great quality products, and prices for outdoorsmen.

We have one of the stores about 30 miles north of me, but I haven't visited the store in over three years. It is just not the same store that it was when Dick & Mary were still owners.
...….........……......Sad! Mac

quote:

Originally posted by MacD37:
A sad commentary, on a once great place to shop!

Being about the same age as Dick Cabella, I can understand their right to cash out and relax in retirement. However everyone knows the move hurt a lot of long time consumers of their once great quality products, and prices for outdoorsmen.

We have one of the stores about 30 miles north of me, but I haven't visited the store in over three years. It is just not the same store that it was when Dick & Mary were still owners.
...….........……......Sad! Mac

I'm less bothered that consumers are now inconvenienced by their actions, but more so by those who had their lives disrupted either directly or indirectly.

I fault the original owners for not having a proper succession plan.

quote:

Originally posted by bobmn:
I fault the original owners for not having a proper succession plan.

They had gone public. It was out of their hands.

"Ten flies for a dollar"

Their original ad in the back pages of sporting magazines when I was a kid.

quote:

Originally posted by larryshores:

quote:

Originally posted by bobmn:
I fault the original owners for not having a proper succession plan.

They had gone public. It was out of their hands.

Precisely. If you want to maintain control of a company, don't take it public!

I cut way back on Cabelas purchases and moved to Midway and other online stores when they stopped selling brand name products and put their name on everything. The quality declined.

Cabelas was a favorite way for me to shop before bass pro. I bought most of my clothes and gear from them online. I shopped the store from time to time looking at used guns and reloading equipment. I never liked bass pro and after the buyout, I have never been back n a store. Too bad, because I enjoyed the displays in the stores and could usually find something I needed or wanted.

Friends,
Welcome to the World of Wall Street and Corporate America!! This is JUST THE REAL WORLD as it exists today!!
As an old, retired Corporate Financial Controller, and trained in Mergers and Acquisitions...many companies grow by Acquisition...we did in Our Company in the Forest Products Industry...then we were "taken over" from inside out by the hiring of a new CEO from outside...and that was the Beginning of the END for our fine Family Owned Company!!...not only did the New CEO sell off all of the operating divisions...to pay off debt that was created due to paying too much for the Company....just before the huge ramp up of use of shipping containers by Amazon and internet buyers...then later ANOTHER CEO, who came from Corporate Raiding background, from Our own Board...he Robbed the Retirees of $180 Million in reserves for Retiree Health Care...and took a $20 million Bonus personally that year!! Retirees have NO HEALTH Care that was promised AND we contributed to!!
YUP, that's the way it is!!...and Federal Laws that were intended to protect employees...actually make it possible!!
BRILLIANT, EH!!
Peter was not the culprit in Sidney NE...there was Low Hanging Fruit to be had...and NO ONE in CABELAS to fend off a raider!!
If any on you know Johnny Morris at Bass Pro, you know a VERY EXPERENCED and VERY BRIGHT Business Entrepreneur....over a shorter period than Cabela's growth...he built a Bigger and Better chain of COMPETING Stores!!....with no Family with the desire to GROW Cabela's it was Ripe for acquisition...
Bass Pro team saw the avenue to GROW THEIR BUSINESS(AND eliminate competition)...and Cabela's was For Sale...this was NOT a hostile take over!!....Peter basically received a "commission" for the transaction...all legal and ethical...and Surprisingly, Bass Pro has retained the Cabela's name and branding...and will probably thrive with NEW ENERGIZED MANAGEMENT and fewer at the top IN TOTAL...generally the same number of Management end up running the combined entity!!
I will bet the quality issues may really only a perceived difference??
Look at the old Eddie Bauer name and brands...it was diluted so badly and focus changed to the Eco Crowd...it no longer exists today...
They still beat Scheels and Dick's in my humble opinion!!

Cheers,

Singer can’t be blamed. The family took the company public. Singer saw an undervalued or mismanaged company. The same can be said for whatever has rolled up S&W with others, then divesting. Colt has gone BK more times than my father has been married.

At some point, true executives need to run these companies. I understand many family members have run them. That’s really cool, but often you outplay your coverage or something like that. I’ve never been good at analogies.

Singer didn’t kill Sydney.

Oh, Epstein didn’t kill himself.

All I know is Cabelas was a heckuva lot better before Bass Pro came along.

I still have my -40F Eddie Bauer full size Goose Down sleeping bag....it has served me well since my first BC moose hunt in 1968... as well as my Karakorum mummy bag for packing...they still work well today!!
I never became a fan of Cabela's...Eddie Bauer served me well!!
Cheers,

Cabela’s killed Dunn Supply.

It’s a pattern Doomsday Investor

Think about what has happened at BOEING...after inside-out take over of/by McDonald - Douglas...moving from a STRONG ENGINEERING Corporate Philosophy to the MBA- Financial base to build sophisticated airliners....
787 was the first disaster....now look at the Debacle with 737MAX...that one could crumble a dynasty!!

I liked Ellis and Geiger, thought Dunns was stupid or too regional for me to get into.

Cabelas was my favorite store growing up. I never visited one until I was well into adulthood. Maybe 20ish. I was blown away, and the Sydney store was the first one I ever went to.

I have a small Cabelas about 40 miles from the house, it is ok. I love what they do for major holidays and it is nice for my kids. The free photos set up and the props. This is the only function of the Bass Pro shops aquistion that I care about.

They buy guns and I have done some trading there. They kind of suck compared to the old days at it. But gun shows are the same, it is hard to get someone to trade at a gunshow in 2019.

I have been to about 10 or 15 Bass Pro Shops and about 20-30 Cabelas. I have no idea, how many of each, but I know way more Cabelas. Cabelas staff has always been better, more knowledgeable, and had better stock.

The Cabelas store in Alaska was the most beautiful store I have ever been in.

Midway is better, and even though Sportsmans Warehouse is also expensive, I buy most of the things I use there.

Hedge funds will be the death of us all.

Too much computing and communicating technology at the service of too few means too little for all the rest.

"Despite all of this, Sen. Ben Sasse, R-Neb., has never commented on what happened to Sidney. Tucker Carlson Tonight reached out to his office to see if the senator has ever remarked on the Cabela’s merger and received no response. No comments are available online. The hedge fund owner gave the maximum donation to Sasse’s 2014 campaign. "

I very seldom shop at Cabela's anymore. Fun to go to, but Amazon, Kuiu, Midway, Eurooptic, a local store, and Stone Glacier get my $$$.

Sportsman's Warehouse was my favorite, they closed in Austin

Sportmen's Finest in Austin (Bee Cave) is pretty cool. Very high end.

I detest Cabelas now. The guys working the gun counters are by and large so stupid.as.to defy comprehension.

As much as I hate the current iteration of Cabelas, I think it is stupid to blame one industry on a towns financial woes.

I grew up in Wyoming oil boom towns. Until they figured out other ways to make money they would have 50% population boom bust cycles. Casper and even Riverton have figured out how to survive without the oilfield.

Military towns have similar issues, if they get BRAC'd by the government then the town is often destroyed.

But it doesn't have to be that way.

Sportsman’s is still my favorite. They carry the largest selection of ammo, and reloading components at reasonable prices.

But if you have to ask for anything behind the counter like scope rings. Man! they are stupid, and slow.

There is a Scheel’s coming to TVs DFW area next year, I think.

quote:

I liked Ellis and Geiger,

Did you mean Willis and Geiger, the old purveyor of safari and military styled gear? Check out Avedon and Colby if so...

Yes, that was it.

Got the catalog a couple of times, order some stuff while I was on active duty and then they went the way of the dodo.

I wear Gunny Ermey Tru-Spec stuff 90% of the time in real life.

More tactical than safari, but comfort is exceptional. Way better than 5.11.

I bought some safari stuff from Orvis and it was eh....