Don't get me wrong, I worked for Cabela's for many years and have a lot of close friends affected by this deal. That being said, at the end of the day, Tommy did what he was brought on to do and that was to make shareholders money. And it wasn't Tommy that voted to sell the company all by himself. 54 MILLION shareholders today voted yes, almost 80% of all outstanding share, to sell the company. Cabela's stock was never going to see $60+ the way it was going, so everyone who owned the stock, wanted out. At the end of the day, it was a business deal that unfortunately took down a great town and a lot of great people.
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There is a way to make money with integrity, and then there is the Tommy Milner and friends way. It's criminal what those people have done, but even members of the Cabela's family don't seem to care. None of their kids gave a flip. As long as they got their money when D, J, and M sold out. It's not like they are an honorable group to start with anyway.
Cabela's death knell was sounded when the family lost control when whats his name got 10% (A controling interest per SEC) of the stock. They became bottom line driven. Overexpansion. Customer service became a hollow mantra. Employees became depressed and the good ones left and the remainder lost their enthusiasm. As a former employee I could see this coming. Taking my business to small local shops. I may pay more but at least my money stays local.
Welcome to the age of the big box stores rise and inevitable fall. Brick and mortar stores are closing due to Amazon and other online sales leaders. Cabelas is a big box store that has stuff the average person does not need. A specialty store. And losing its charm.
I became a loyal customer of Cabela's over 30 years ago as a young person. My closets are still full of Cabela's apparel. My garage is full of Cabela's fishing tackle. I so believed in this company that a few year's ago I bought stock in Cabela's. I was in the Wilmington DE store last month and it shocked and saddened me to see how far down the quality of the merchandise and presentation of the store had fallen. Cabela's quality used to be the best and that is why I LOVED them. Yes as a shareholder I will make a little money off this deal, but it is blood money. This deal will make of Sydney what it has made of so many small towns in this country. Namely, a struggling town that is slowly dying. All the best to the employees and people of Sydney. Count me as one of those who over the years have appreciated your efforts.
Once again I am totally bewildered by this last post. Mismanagement, Sidney - excuses. This is a complete failure of leadership. Once fully entrenched and on the downward, who would want to come on a failing bandwagon - this is pure failure of leadership - nothing less - the vision of successful companies is growth and if the current team cannot expound and and continue that, they should be replaced - not so with Tommy and excuses are made for him and his team on why they had to sell. Incredible. He was a complete failure. The best option - are you kidding me - growth and longevity are the options for a business along with positive management and leadership this is a true failure at the complete end of how D--k and Mary started the company.
Don't get me wrong, mismanagement at the top brought the ship down. Selling the company off was making the "best" of a situation that wasn't going to fix itself. As Cabela's grew they struggled to bring in top talent in the industry because let's be honest, who wanted to move to Sidney. And Cabela's compensated people willing to move their very well, if they were willing to move. High property taxes, Inflated Housing Market, very little done in town to engage families with children. Sidney wasn't exactly the most family friendly place to live.
What is funny about this post is that the premise is to make money for shareholders is the "only" focus and at that, Tommy and his big box crew did well. What is missing is that that crew destroyed a business to do that - sales have tanked, stores are deplorable and there is no moral. So this is the picture of success. Hmmmm
I am sure d--k Cabela was probably the major figure in bringing Mr. Milner in. D--k Cabela stated his success in business was on the basic principle you treat your employees and your customers right and the rest will take care of itself in regard to ownership. Perhaps in the last few years Cabelas has gotten away from this policy.