Cabela’s and Bass Pro Shops have long been rivals for the business of outdoor enthusiasts. Their popularity is so great that the hit ABC show “Last Man Standing,” starring Tim Allen as Mike Baxter, has as its setting a store very similar to both Cabela’s and Bass Pro Shops in both concept and look.
On Monday morning, a big shake-up was announced that may come as a surprise to fans of both of these superstore retail outlets geared at outdoor enthusiasts. Bass Pro Shops has purchased their rival Cabela’s for $5.5 billion.
The headquarters for Cabela’s is located in a small town Sidney, Nebraska, which is comprised of 7,000 people. More than 2,000 are employed by Cabela’s. State Senator Ken Schilz, who represents this area spoke about his concern for the future employment for his constituents. He shared, “We’ll just have to wait and see what Bass Pro does. I’m sure most folks in Sidney are pretty nervous this morning.”
Johnny Morris, the CEO of Bass Pro Shops who founded the superstore in 1961, spoke about how the success is a testimony to the greatness of America.
“The story of each of these companies could only have happened in America, made possible by our uniquely American free enterprise system. We have enormous admiration for Cabela’s, its founders and outfitters, and its loyal base of customers.”
The $5.5 billion price paid for Cabela’s by Bass Pro Shops amounts to $65.50 per share.