Employees at Cabela's headquarters are learning their fate after Bass Pro Shops offered impressive severance deals.
Employees at the Cabela's headquarters in Sydney, Nebraska, have been wondering their fate for a long time now. Before the deal was finalized, the impact of the potential merger was already taking a toll on the community.
Cabela's was the community's largest employer, employing around 2,000 people at one point. Three years ago, that figure was down to 1,200, and now only about 800 remain.
According to an unnamed employee, many of them had already been laid off or quit. The housing market in the small town is overwhelmed with homes for sale, most of which are quickly declining in value.
In a letter to employees dated Feb. 15, Bass Pro President Jim Hagale outlined a severance package offer for remaining employees. A fund to support the severance program has been set up with around $20 million. Apparently Johnny Morris donated approximately half of that fund himself. Here's what employees have been offered:
If you're over 50 years old and have worked for Cabela's for more than 10 years, you would receive two weeks severance pay for each year of employment. You'd also receive a $40,000 bonus and a lifetime discount card for Bass Pro and Cabela's stores.
If you're younger than 50, or have worked there less than 10 years, you'd receive the same severance pay with a $20,000 bonus. These employees will also receive a discount card. However, that discount card will only work for 10 years.
While most employees would rather keep a job they enjoy, it's quite an impressive severance program. The standard severance package would not typically include a bonus component.
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