Cabela’s is on the hunt for a buyer this holiday season.
The large, famous outdoor retailer, based in Sidney, Nebraska and founded in 1961, is seeking a buyer. According to reports, the company is seeking strategic alternatives which has ironically increased share prices by 4%. And yet, due to pressure from their investment firm Elliott Management they are looking to sell the company.
Cabela’s CEO Tommy Millner said in a written statement that, even while looking for buyers, Cabela’s will still be focusing on sales over the holidays and will continue to honor their previous commitments.
This September, 70 people, about four percent of Cabela’s workforce, were laid of, due to dwindling business.
Other retailers like Dick’s Sporting Goods Inc. and Big 5 Sporting Goods Corp. are also suffering from 25-30 percent sales reduction.