Cabela's

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Cabela's Inc.
Company type
IndustryRetail
FoundedDecember 14, 1961 (62 years ago) (December 14, 1961) in Chappell, Nebraska, U.S.
Founders
Headquarters
Number of locations
82 (May 2016, U.S. and Canada)
Key people
Thomas Millner (CEO)
ProductsHunting, fishing, outdoor merchandise
Number of employees
19,100 (2016)
ParentBass Pro Shops
(2017–present)
SubsidiariesWhite River Marine Group
Websitecabelas.com

Cabela's Inc. is an American retailer that specializes in hunting, fishing, boating, camping, and other outdoor recreation merchandise. The chain was founded by Richard N. Cabela and Jim Cabela in 1961. Cabela's was acquired by Springfield, Missouri-based Bass Pro Shops in 2017 and has been a subsidiary since then. The brand’s retail locations feature wildlife exhibits and outdoor designs, and are viewed as tourist attractions. Bass Pro Shops and Cabela’s support conservation efforts and organizations such as the America’s Armed Services and Veterans.

Water tower at Buda, Texas, bearing company advertisement next to a Cabela's store

History[edit]

The company that would become a sporting goods reseller and chain was started in December 1961 in Chappell, Nebraska.[1] Richard (Dick) N. Cabela purchased $45 worth of fishing flies at a furniture expo in Chicago which he then advertised for sale in a local newspaper advertisement.[2] When his first effort produced only one response, he placed an ad in a national magazine, Sports Afield, which was more successful.[3] Cabela and his wife, Mary, mailed the orders and kept a record of all names and addresses.[3] In 1963, Cabela's brother Jim joined the company.[3] The mimeographed catalog became a printed catalog, and the operation moved into the basement of a family store and then to a former American Legion Hall.[3] In 1968, the company moved again into a former John Deere dealer facility in Sidney, Nebraska.[3] Cabela's then sold fishing gear as well as equipment for hunting, backpacking, and other outdoor activities.[3] In 1991, a 75,000-square-foot retail store was opened in Sidney.[3] More stores were built, decorated with outdoor scenery, mounted animals, and aquariums.[3] Some stores included shooting ranges and archery ranges.[3] By 2014, there were 50 stores across the U.S. and Canada.[3]

On February 17, 2014, founder Dick Cabela died at his home in Sidney, Nebraska, at the age of 77.[4][5]

About half of Cabela's sales come from hunting-related merchandise with about a third derived from the sale of firearms, ammunition and accessories in 2012. Additionally, in 2012 30% of revenue came from direct sales (through catalog and online orders), and 59% from physical retail stores. The remaining 11% of revenue came from its financial subsidiary and credit card business.[6]

In 1996, Gander Mountain, prior to declaring bankruptcy, sold its mail order business to Cabela's with a non-compete clause. In 2007, Cabelas brought suit against them to prevent their re-entry into the mail-order business. Gander Mountain won the lawsuit and began selling online as well.[7]

In February 2013, Cabela's sued Gander Mountain for patent infringement over a fold-up cot that Gander was selling.[7] In December 2013, Gander sued Cabela's for cybersquatting.[7]

In March 2014, Cabela's sold their recreational real estate division, Cabela's Trophy Properties, to Sports Afield.[8] The name changed to Sports Afield Trophy Properties.[9]

In January 2016, Cabela's sold their Outdoor Adventures & T.A.G.S. divisions to Worldwide Trophy Adventures.[10][11]

On October 3, 2016, Bass Pro Shops announced an agreement to acquire Cabela's for $5.5 billion.[12] In September 2017, Cabela's became part of Bass Pro Shops.[13]

Retail stores[edit]

Cabelas Store near Rogers, Minnesota
Musk oxen mounted and on display at store in Buda, Texas

[14]The largest Cabela's retail facility is in Hamburg, Pennsylvania, with more than 250,000 square feet (23,000 m2) of floor space.[15]

In 2007, Cabela's purchased family-owned S.I.R. Warehouse Sports Store in Winnipeg.[16] In 2010, the Canadian Head Office and Distribution Centre moved across the city, leaving the original location as only a retail store. The company had intended to be a part of the 1,400,000-square-foot (130,000 m2) Lac-Mirabel project near Montreal, which was to include 220,000 square feet (20,000 m2) of retail space, and was planned to open in 2008.[17] But instead, Bass Pro Shops became one of the mall anchors.[18] In 2011 Cabela's opened a 70,000-square-foot (6,500 m2) store in Edmonton, Alberta and a 50,000-square-foot (4,600 m2) store opened in Saskatoon in 2012 another 70,000-square-foot (6,500 m2) store in Calgary, Alberta opened in 2015.

Gun Library

In late 2011, Cabela's announced a new retail initiative called Cabela's Outpost Store was located in Union Gap, Washington, while the second was opened in Saginaw County, Michigan.[19] The Outposts have seasonally rotating merchandise, online order kiosks, and in-store pickup.[20]

Currently, there are 70 Cabela’s stores in the U.S. and 10 in Canada.[21]

Acquisition by Bass Pro Shops[edit]

On July 5, 2017, the Federal Trade Commission approved the acquisition of Cabela's by Bass Pro Shops. The acquisition was complete on September 25, 2017.[22] The two brands have a few things in common: they were founded around the same and both brand’s store locations were designed to deliver a “destination-like” shopping experience.[23] Cabela’s and Bass Pro Shops locations have also doubled as wildlife exhibits and draw in many tourists.[24][25] A Cabela’s in Michigan saw 6 million visitors a year and was the state’s largest tourist destination.[24]

Sponsorships[edit]

Cabela's Legendary Adventures sponsors Richard Childress Racing driver Daniel Hemric in the Monster Energy NASCAR Cup Series in partnership with Bass Pro Shops. Cabela's also has a deck lid space on Martin Truex Jr.'s Bass Pro Shops car, and co-sponsors the No. 31 car driven by Ryan Newman.[26]

In 2019, Cabela’s became a sponsor of Project Childsafe, a National Shooting Sports Foundation program that promotes safe firearms handling and responsible storage.[27] Cabela’s has also been the official retailer of SHOT Show Industry Day at the Range.[28]

Other sponsorships include Safari Club International,[29] National Archery in the Schools Program,[30] & the Catch a Dream Foundation.[31]

Outreach[edit]

Cabela’s works with different organizations focused on military and Veteran support and conservation.[32]

Military and Veteran Support[edit]

Cabela’s has supported Helping a Hero, Folds of Honor,[33] All Secure Foundation, and Hiring a Hero.[34]

Proud Veteran Outfitter Vest Program[edit]

In 2023, Bass Pro Shops and Cabela’s started the Proud Veteran Outfitter Vest Program and provided Veteran Outfitters (those who work at Bass Pro Shops and Cabela’s) with vests they can wear to work that include their name, military branch and rank, and the U.S. flag. The vests were presented during a ceremony that recognized each Veteran.[34]

Legendary Salute Discount[edit]

The Legendary Salute Discount is Cabela’s and Bass Pro Shops’ discount program and offers a 10% discount on most things in the stores to active military, veterans, retirees, guard, reservists, law enforcement officers, firefighters and wildlife agents.[35][36]

Conservation[edit]

Bass Pro Shops and Cabela’s Outdoor Fund[edit]

The Outdoor Fund is a 501(c)(3) nonprofit.[37] Customers at Bass Pro Shops and Cabela's can donate to it by choosing to round up their purchases to support different conservation partners and projects.[37]

Partners and recipients of donations include:

Video games[edit]

Cabela's has produced several series of video games for a variety of gaming platforms, including Cabela's Legendary Adventures, Cabela's Big Game Hunter series, Cabela's Dangerous Hunts series, and Cabela's Outdoor Adventures series.

Banking and finance[edit]

Founded in 2001, the World’s Foremost Bank is a subsidiary of Cabela’s.[43] It is based in Sidney, Nebraska.[44]

The subsidiary consisted of a single-branch bank with a deposit market share in the state of Nebraska of just under 1.2 percent, with $505 million in deposits as of 2011.[45] At the end of 2012, the bank claimed to have $3,731,567,000 in assets.[46] Sean Baker was appointed president of World's Foremost Bank and chief executive officer on January 1, 2013. Baker replaced Joseph M. Friebe, whose planned retirement was announced in June 2012.[47]

2011 FDIC settlement[edit]

In 2011, Cabela’s World’s Foremost Bank agreed to pay $10.1 million in restitution and a $250,000 fine as part of a settlement agreement with the Federal Deposit Insurance Corporation (FDIC).[48] The bank did not admit any wrongdoing in the agreement, but did agree to change certain practices.[49]

2011 Royal Bank of Canada loan[edit]

The Bank entered into a $411.7 million commitment with the Royal Bank of Canada under a series of variable funding notes issued by Cabela's Credit Card Master Note Trust. The loan is for three years and accrues interest at a variable rate of commercial paper plus a spread.[47]

2017 World’s Foremost Bank Sale & Capital One[edit]

As part of the merger with Bass Pro Shops, Cabela's sold the World's Foremost Bank aspect of their business, including over $1 billion in assets, to Synovus Financial Corp. and Capital One Financial Corp.[50] After the deal was completed, Synovus planned to sell the credit card assets and related liabilities to Capital One Bank (USA) NA.[51]

See also[edit]

References[edit]

  1. ^ Funk, Josh. "Bass Pro completes $4 billion acquisition of Cabela's". USA TODAY. Retrieved November 21, 2023.
  2. ^ Staff (May 2014). "Random Shots: In Memory: Richard "Dick" Cabela". American Rifleman. 162 (5): 28.
  3. ^ a b c d e f g h i j "Dick Cabela dies at 77; co-founded Cabela's sporting goods empire". Los Angeles Times. February 20, 2014. Retrieved December 1, 2023.
  4. ^ "Richard Cabela, co-founder of outdoors outfitter, dies at 77". The Denver Post. Associated Press. February 17, 2014. Retrieved September 7, 2023.
  5. ^ Harris, Elizabeth A. (February 22, 2014). "Richard Cabela, Who Sold the Great Outdoors, Is Dead at 77". The New York Times. ISSN 0362-4331. Retrieved September 7, 2023.
  6. ^ Santoli, Michael. "Outdoor Enthusiasts Flock to Cabela's, Investors Follow". Yahoo Finance. Retrieved September 1, 2013.
  7. ^ a b c Orrick, Dave (December 14, 2013). "Gander Mountain sues Cabela's over web addresses". TwinCities.com, Pioneer Press. Retrieved December 16, 2013.
  8. ^ "Sports Afield Buys Recreational Real Estate Firm | License! Global". www.licensemag.com. Retrieved August 1, 2017.
  9. ^ "Brand Licensing, Partnerships and Collaborations in Publishing | News". License Global. Retrieved January 8, 2024.
  10. ^ "Worldwide Trophy Adventures Acquires Cabela's Outdoor Adventures and T.A.G.S Businesses | Outdoor Wire". www.theoutdoorwire.com. Retrieved January 8, 2024.
  11. ^ Sun-Telegraph, The Sidney. "Worldwide Trophy Adventures acquires Cabela's Outdoor Adventures, T.A.G.S businesses". The Sidney Sun-Telegraph. Retrieved January 8, 2024.
  12. ^ "Cabela's stores to be sold to Bass Pro Shops for $5.5 billion". Archived from the original on December 21, 2016. Retrieved December 18, 2016.
  13. ^ "Cabela's Now Officially Part of Bass Pro Shops After Merger". KSMU Radio. September 26, 2017. Retrieved November 21, 2023.
  14. ^ Marsya, Haris (August 19, 2023). "Top 10 Biggest Cabela's". Toplist. Retrieved March 8, 2024.
  15. ^ Marsya, Haris (August 19, 2023). "Top 10 Biggest Cabela's". Toplist. Retrieved March 8, 2024.
  16. ^ Canadian Broadcasting Corporation (August 16, 2007). "U.S. firm buys longtime Winnipeg outfitter". CBC News. Retrieved August 16, 2007.
  17. ^ Cabela's Montreal store Press Release Cabelas.com
  18. ^ "Lac Mirabel press release" (PDF). Archived from the original (PDF) on September 4, 2012. Retrieved October 14, 2016.
  19. ^ "Cabela's to open 'outpost' store near Yakima | The Spokesman-Review". www.spokesman.com. Retrieved February 28, 2024.
  20. ^ klynchmo@mlive.com, Kathryn Lynch-Morin | (July 26, 2012). "Cabela's store to open in Saginaw County". mlive. Retrieved March 26, 2024.
  21. ^ "Bass Pro Shops / Cabela's". sportsinsightmag.com. Retrieved January 9, 2024.
  22. ^ Hallie Detrick (September 26, 2017). "Bass Pro Just Completed a $4 Billion Deal to Buy Cabela's". Fortune. Retrieved December 20, 2018.
  23. ^ "Bass Pro Shops completes $5B Cabela's acquisition". Retail Dive. Retrieved February 13, 2024.
  24. ^ a b Helliker, Sara Germano and Kevin. "Bass Pro Shops to Acquire Cabela's". WSJ. Retrieved February 13, 2024.
  25. ^ Upholt, Boyce (August 10, 2022). "How the Bass Pro Shops Pyramid Became a Memphis Icon". Outside Online. Retrieved February 13, 2024.
  26. ^ "Truex Jr. and Newman to Pilot Bass Pro/Cabela's Racecars with Patriotic Salutes at Daytona | Outdoor Wire". www.theoutdoorwire.com. Retrieved March 8, 2024.
  27. ^ "Bass Pro Shops and Cabela's Becomes Premier Sponsors of NSSF's Project ChildSafe". POMA. March 26, 2019. Retrieved March 26, 2024.
  28. ^ "Cabela's Renews Contract as Official Retailer of SHOT Show Industry Day at the Range". OutdoorHub. Retrieved March 26, 2024.
  29. ^ Advocacy, S. C. I. (July 28, 2021). "Bass Pro Shops and Cabela's Continues its Sponsorship of Safari Club International". Safari Club. Retrieved March 26, 2024.
  30. ^ Wisconsin, Waldo (July 22, 2020). "Bass Pro Shops and Cabela's become Corporate Sponsor of the 2021 NASP® Educator and Coaches Conference".
  31. ^ "Presenting Sponsor: Bass Pro Shops/Cabelas – Catch-A-Dream Bass Classic". Retrieved March 26, 2024.
  32. ^ Christian, Bruce (November 10, 2021). "Bass Pro Shops, Cabela's Honor US Veterans". Inside Outdoor Magazine. Retrieved March 5, 2024.
  33. ^ "Cabela's in Augusta decorates for Memorial Day, honors employees who served". The Augusta Chronicle. Retrieved March 21, 2024.
  34. ^ a b "Cabela's salutes four local Veterans this Memorial Day" (PDF). June 1, 2023.
  35. ^ Ousley, Jeff (June 7, 2023). "Cabela's and Bass Pro Shops Military Discount". Veteran.com. Retrieved March 28, 2024.
  36. ^ Staff, Daily News (May 25, 2023). "Cabela's doubles Legendary Salute discount ahead of Memorial Day". Greater Milwaukee Today. Retrieved March 28, 2024.
  37. ^ a b HLNews (April 26, 2021). "Johnny Morris Bass Pro Shops and Cabela's Outdoor Fund Awards $300K Grant to The National Wild Turkey Federation". HuntingLife.com. Retrieved December 11, 2023.
  38. ^ Kent, By Roy (November 10, 2022). "Bass Pro Shops and Cabela's Outdoor Fund joins the Coastal Prairie Conservancy to preserve the Texas coastal prairie". Houston Chronicle. Retrieved February 1, 2024.
  39. ^ HLNews (November 2, 2022). "Hunger Relief Grant from Bass Pro Shops and Cabela's Outdoor Fund". HuntingLife.com. Retrieved March 26, 2024.
  40. ^ Dove, Patrick. "2,500 bald cypress trees will be planted along the Loxahtatchee River". Treasure Coast. Retrieved December 11, 2023.
  41. ^ Ladd, Jessica (November 21, 2020). "Bass Pro Shops and Cabela's Outdoor Fund issues $100,000 grant to NASP". www.kfvs12.com. Retrieved December 11, 2023.
  42. ^ "Bass Pro and Cabelas Team With Outdoors Tomorrow | Bass Angler Magazine". May 30, 2021. Retrieved March 26, 2024.
  43. ^ Staff. "Commercial Banks; Company Overview of World's Foremost Bank". Bloomberg Business. Archived from the original on September 1, 2013. Retrieved December 16, 2013.
  44. ^ "Cabela's Military Discount | WeSalute". www.wesalute.com. August 17, 2018. Retrieved March 26, 2024.
  45. ^ Henderson, Tom (March 9, 2011). "Who's world's foremost bank? Not World's Foremost Bank – Cabela's Visa rewards program goes awry". Crain's Detroit Business. Retrieved September 1, 2013.
  46. ^ Staff. "About Us". wfbcds.com. Archived from the original on December 16, 2013. Retrieved December 16, 2013.
  47. ^ a b "Company Overview of World's Foremost Bank". BusinessWeek. Archived from the original on September 1, 2013. Retrieved September 1, 2013.
  48. ^ Oregonian/OregonLive, Laura Gunderson | The (March 9, 2011). "Cabela's agrees to change its credit card practices". oregonlive. Retrieved March 26, 2024.
  49. ^ Staff. "CONSENT ORDER AND ORDER TO PAY FDIC-10-775b FDIC-10-777k In the Matter of WORLD'S FOREMOST BANK SIDNEY, NEBRASKA" (PDF). fdic.gov. Retrieved December 16, 2013.
  50. ^ Kent, By Roy. "Bass Pro Shops and Cabela's Outdoor Fund joins the Coastal Prairie Conservancy to preserve the Texas coastal prairie". Houston Chronicle. Retrieved March 26, 2024.
  51. ^ Detrick, Hallie. "Bass Pro Just Completed a $4 Billion Deal to Buy Cabela's". Fortune. Retrieved June 27, 2020.

External links[edit]