All of a sudden we have a new bunch of bosses. We are told that things will be OK. Meanwhile I wonder why this all happened. Did we really need to be acquired or was this orchestrated by insiders and BP and Wall Street in phases over the years with end goal of Bass Pro getting what it wanted for so long? I lost a great deal of respect for Cabelas as an employer but not to the degree I will bail just yet. I need to find another job first.
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This guy. Thanks to him.
http://jewishvoiceny.com/index.php?option=com_content&view=article&id=15975:cabela-s-inc-sold-to-bass-pro-shops-paul-singer-stands-to-make-over-400m-profit&catid=112&Itemid=792&lang=en
Jim and D--k have been trying to sell the company since the late 1990's. The only reason they went public was to make it easier for them to move their ownership out of the company. They couldn't find a buyer in the 90's because they were overpriced in what they wanted for the company. Today, Tommy is a lecherous individual. His first TX store opening, he was seen groping cheerleaders at the store opening in Allen, TX. That mentality is seen in the women he has promoted and in his current hiring practices. Under 30, skinny and can shake their a--.
AKCabEE, you are so write. The guy managing the Facilities department came over from a company that managed apartment complexes. Their is a high level manager in the HR department that was a hairdresser for Pete's Sake...read a few books and wiggled her butt to get promoted up from being a secretary. Another manager in HR exceeded her budget by $1,000,000. Instead of being fired, the former CEO's daughter-in-law worked it out to bring her into her department and promote her! The CFO screws up the races and has to pay a $50K fine and the company pays a $1M fine...How does that not cost Castner his job? That whole company is very poorly run.
Fed Up, some people will believe anything. I've left Sidney and CAB long ago, but I have a couple of 'friends' still on my Facebook and at least on there, they think everything is going to be OK! dumb--ses.
What boggles me is the employees who think their jobs are secure. Look what happened to Sears when they merged with KMart and Land's End. The city and taxpayers were a prawn to be used and taken advantage of. I will never support this company
The failure was bring Tommy and his crew on board
The purchase will give Johnny a big expansion in the western US.
You won't see any significant changes until after the holiday retail season. In 2017, you will see changes to systems and infrastructure. Sidney will remain relevant for a time - - time long enough for the execs with parachutes to deploy them and to unload their real estate.
After the second year - Sidney will be a ghost town and all corporate headquarters will be in Springfield, MO.
Cabela's will eventually be only a brand name for sporting clothing and equipment (like Redhead, Ascent, etc.) - and not a store name. Everything will fall under the Outdoor World Store. The BassPro moniker will remain in geographical areas that make sense (areas with Bass Fishing).
By the third year - Cabela's will be gone as a storefront. Distribution centers will have been combined and some closed. The corporate presence in Sidney will be gone. Maybe a small "museum" might remain.
One positive - Johnny is taking the company private again. No possibility of a hostile takeover will exist -- which this was... If he cares about his employees, he will consider making the company an ESOP - and never do an IPO. THAT was the Cabela's brothers biggest mistake and failure to their employees - going public rather than employee-owned.
The underlying reason for Tommys push to sell is three fold, this is ho tactic, its all about his greed and most importantly, he and his exec team have run the company into unmanageable debt. When you think about this, it is the reason the Elliot group was able to buy in cheap and think of all of the drastic changes - these were simply diversions to keep everyone's attention on constant upheaval and initiative along with fear for a job and of the poor performance, the mounting debt and the terrible state of customer service, product quality standards and store conditions along with staffing. The stores are in shambles - like KMarts. This was not a long term collusion with Bass Pro, this is a very poor board with tommys incompetence and his hand picked flunked team of execs, think of Charles - a wal Mart flunkee and Brian linamenn, absolutely no experience in merchandising and the list goes on and on. Why wouldn't Johnny want to buy us - it is the ultimate victory and a true testament to the incompetence of tommy and his exec team. The real problem- there will be huge cuts within the first year and, secondly, there is no way the marketplace is going to support the astronomical debt that tommy created and passed on to Johnny- within several years, bass pro (and what use to be cabelas) will be bankrupt and will disappear mark my words on this. - it is a proven fact within the retail environment. Name one company that has had a huge merger with astronomical debt as part of the deal and is still a fraction of what it initially was visioned to be? You are wise to finally see tommy and gang for what they have truly done and wise to think exit. Do so piste haste. We are doomed and it is so sad that we had a weak boat