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Nebraska-based Cabela’s said Monday that it has agreed to extend the Federal Trade Commission’s review of its deal with Bass Pro Shops until July 5. The deadline was originally set for Wednesday. The Federal Trade Commission is charged with maintaining competition within industries and preventing monopolies. The agency has been reviewing Bass Pro’s bid to acquire Cabela’s, which the companies announced in October.

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The earnings released Wednesday exhibit why Cabela’s may have been a target for activist investor Elliott Management, a New York hedge fund that amassed a stake in the company a year ago and pressed for a sale of the company to “unlock” shareholder value.

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From 2010 through 2014 Cabela’s built 33 new stores, an expansion that was later to collide with an expanding retailer’s worst-case scenario: falling sales at stores already open at least a year, a deteriorating overall consumer outlook and a quickening consumer preference for online purchases as opposed to those at brick-and-mortar stores.

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In the wake of Cabela's announced sale to Bass Pro Shops, Sidney homeowners are facing a new reality: They may be stuck with nice homes that no one wants to buy. As one Cabela’s employee put it, the housing market has been “the only topic of conversation in my house for the past year.”

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Elliott Management said in a government filing Wednesday that it had sold more than half of its more than 6 million shares of Cabela’s. The New York hedge fund, which bought big into the retailer last year and threw its weight around, stands to profit by $150 million.

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The process of getting approval from federal antitrust regulators for the deal could take well into the spring of next year, could result in the closure of some stores, the Sidney, Nebraska-based Cabela’s brand being sold, or the deal being blocked entirely.

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Retail watchers on Wall Street have said that it’s likely that Bass Pro would combine office functions — there’s no need for two accounting departments, two marketing departments and the like. They say it’s most likely that Bass Pro would consolidate jobs at its own headquarters in Springfield, Missouri.

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The report, citing anonymous sources, said competitor Bass Pro Shops has partnered with Capital One Financial Corp. to make a bid for the whole company, which includes its retail stores as well as World’s Foremost Bank, operator of the Cabela’s Club Visa card.

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Nathan Borowski, a Cabela’s spokesman, wouldn’t say how many employees would be affected, but said the new company, Quad/Graphics, expects to hire “many current Cabela’s employees with relevant experience.” Cabela’s employs more than 2,000 people in Sidney, a Panhandle city of about 6,800 people six hours west of Omaha.

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If Springfield, Missouri-based Bass Pro does indeed buy Cabela’s, it most likely would take an ax to some of Cabela’s workforce, say experts in mergers and acquisitions. Bass would look for so-called “synergies,” Wall Street speak for opportunities to cut overlapping operations.

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The change is part of the Sidney, Nebraska-based company’s “Vision 2020” plan, announced in October, the company said in a release. The plan scaled back new store growth and included other in-store changes after Cabela’s reported disappointing third-quarter earnings. The company announced the plan about a month after it had laid off nearly 70 people at its corporate headquarters.

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The Cabela’s credit card portfolio is the envy of the industry, weighing in at a hefty $5.4 billion as of Dec. 31, 2015, and with below-average levels of “bad debt.” The portfolio is up about 8 percent from $4.9 billion at the end of 2014.

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Campaign finance records show that billionaire Paul Singer, who founded New York-based Elliott Management in 1977, gave $10,000 to Pete Ricketts for Governor on Nov. 25, 2013. He also gave $25,000 to the governor’s campaign on Sept. 9 last year.

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Mum’s the word at Cabela’s. One consultant who helps companies and investors with such situations said the lack of response — even a simple acknowledgment of the news — is uncommon in today’s world of activist investors.

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