OMAHA, Neb. — According to stories in the Journal Sentinel and Kansas City Star, Cabela's, the outdoor sporting goods chain, may be seeking a buyer — and Bass Pro Shops may be interested in making an offer.
According to the Journal Sentinel story, via the Associated Press, “The retailer has been under pressure since late October when the investment firm Elliott Management started pushing for money-generating maneuvers from Cabela's, possibly the sale of its credit card unit or the entire company. Elliott owns 6% of Cabela's shares and holds options to buy another 5%.”
The Kansas City Star, via Reuters, reports, “Bass Pro Shops is in the process of securing financing for a potential deal. Officials of both companies declined requests for comment.”
Cabela’s isn’t the only large sporting goods retailer facing some difficult times. According to the Journal Sentinal story, shares of Dick's Sporting Goods, Hibbett Sports and Big 5 Sporting Goods are all down 20-35% over the past year.
Shares of Cabela's, of which the founding family still holds a nearly 24% stake, are down 11% this year. But they've risen more than 18% in the last month on speculation of a buyout.
The company was founded in 1961 when Dick Cabela started selling fishing flies through the mail from his kitchen table with his wife, Mary, and brother, Jim.
In 2013, Cabela’s announced its partnership with Woods Equipment for its Wildlife and Land Management Product category. Read more.