The Death of Sidney, Nebraska (Cabelas)

Discussion in 'News & Announcements' started by 375 Ruger Fan, Dec 4, 2019.

  1. 375 Ruger Fan

    375 Ruger Fan AH ENABLER GOLD SUPPORTER AH Legend

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  2. WAB

    WAB AH Elite

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    I used to shop at the old wood store in downtown Sydney and was there for the grand opening of the big store. These activist shareholders really piss me off. They ruin great companies for a quick profit. Assholes.

    I was a divisional president of a fortune 50 company. I was extremely proud of my boss, the CEO, when he successfully fought off an activist shareholder, Janus. Most CEOs cave because it’s a low probability fight and they stand to make a lot of money by capitulating. The more time I spent on Wall Street the more cynical I became. What a ridiculous way to make a living.
     
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  3. JimP

    JimP AH Elite

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    As the article said the VC only had something like 11% of the shares, so how can a 11% share holder control what the company does? Perhaps the Cabela's should not of put the company out there in a place where outsiders could decide their future.

    Also like anyone who has worked in a one company town knows, everything can change overnight.

    I also question Cabela's business practice of opening huge store when 99% of all businesses are going more to a www based business.
     
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  4. fourfive8

    fourfive8 AH Fanatic

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    Yep not good! After dumping their "new" card and not shopping there at all after the BPS purchase, I had a moment of weakness about a week ago. I bought a so called "work" vest by Red Head. The lady that handled the order over the phone was nice enough... ok. The item arrived in about a week.... ok no problem. But I would say that $40 purchase worth no more than about $20 max! The cheap, relatively low quality type of thing that can be shopped at any number of places around the net. Matter of fact, everything I saw when perusing their site could be had for less most anywhere on the net. That's it for me. Cabela's hah!- just a memory.
     
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  5. sestoppelman

    sestoppelman AH ENABLER AH Ambassador

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    I saw this too. Ben Sasse issued a half baked rebuttal to it, but it sounded like a weak CYA. Didn't think much of him before, think even less of him now. I always wondered how that buyout came to be.
     

  6. Rimbaud

    Rimbaud AH Senior Member

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    CAB dug its own grave and invited the activist. What a shame.
     

  7. Newboomer

    Newboomer GOLD SUPPORTER AH Elite

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    I noticed the senator had no comment. He got his big kickback so he's satisfied and to hell with the town.
     
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  8. WAB

    WAB AH Elite

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    11% is actually a huge block of shares in a publicly traded company. These scum analyze breakup and merger valuations, buy in at a level that can swing the vote, and drive these transactions for a quick buck. Don’t get me wrong, sometimes companies are mismanaged and need to be forced to a better solution. However, more often these days it’s a quick buck for an activist shareholder at the expense of the company, it’s employees, and the consumer.
     
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  9. Rimbaud

    Rimbaud AH Senior Member

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    The company stumbled. They expanded at a difficult time, went into credit cards, and got off balance. Management got expansionist and got whacked by a guy who bought/controlled 11% and pushed them around. Greed on all sides.
     
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  10. CoElkHunter

    CoElkHunter AH Fanatic

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    Real shame! I used to drive there from Colorado to explore their Bargain Cave, which is pretty much a joke now. Guess I’ll have to explore the internet more often for better quality hunting and shooting items at fairer prices?
     

  11. lwaters

    lwaters BRONZE SUPPORTER AH Elite

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    Just wait until the hedge funds get into farmland. Goodbye cheap food.
     

  12. Hunter4752001

    Hunter4752001 AH Veteran

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    Strikes me the venture capital companies are little different to the the company strippers of the 1970-80s. Modern day pirates sweeping in, plundering and leaving nothing but ruin. And yes, be very afraid when they buy up agriculture/water and energy.
     

  13. Ryan

    Ryan AH Fanatic

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    Sears and Toys-R-Us went down the same way.
     
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  14. jacques smith

    jacques smith AH Fanatic

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    I guit shopping cabelas some time ago when they knocked off good brands and filled their shelves with their own chinese crap. Unfortunately bass pro has contracted the same policy
    I’ve met Johnny Morris, nice guy and a pretty good fisherman but guess the bottom line wins again. Sad
     
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  15. Bullthrower338

    Bullthrower338 AH ENABLER AH Legend

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    Hopefully another company will move in and fill the void, good incentives tax wise should draw some interest and it has a good central location as a distribution point. At least for the sake of the local people I hope this is the case. The area where I grew up was heavily dependent on the logging industry, when the tree huggers ruined the logging industry in the late 80’s, I watched the full effect of this over the years. First the loggers, and logging companies bit the dust, then the mills both lumber and paper which employed most of the people in the area shut down. This left a huge number of people that were experts in their field to enter a different sector that they had to start entry level positions. A lot of them were already long in the tooth with little to any education. It is devastating to an area that is industry dependent.
    My conversations with the Cabelas employees here in Houston leads me to believe they are not at all impressed with their new directives from corporate management. I smell an epic fail on the horizon.
     
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  16. WAB

    WAB AH Elite

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    It really is too bad. Cabela’s was unique in the sector. Good quality at decent prices. They were on a downward trend but Bass Pro immediately took them down to their level.
     

  17. Mike Van Horn

    Mike Van Horn AH Veteran

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    I do most of my shopping at Scheels, and Sportman's warehouse now in Loveland
     
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  18. Shakka

    Shakka AH Member

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    It’s a shame. I used to look forward to that big thick catalog every summer
     

  19. JimP

    JimP AH Elite

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    It is also interesting in that reading the article you would think that Cabela's is no longer in Sydney, which they are. They just got rid of the upper management of Cabela's when Bass bought them. That in by itself shouldn't of had that much effect on what is really happening in the town. Cabela's had already moved most of their shipping centers away from Sydney.
     

  20. Bullthrower338

    Bullthrower338 AH ENABLER AH Legend

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    That is interesting, in my opinion most companies would be better served by thinning the herd in upper management. Before the company I worked for went down in flames(110 years old) we had a VP for everything down to placing new rolls of toilet paper on the holders. Once the ship gets top heavy enough it is bound to tip over even in mild seas.
     
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