Cabela’s may be hunting for a buyer

Cabela’s may be hunting for a buyer

OMAHA, Neb. (AP) — Cabela's, the outdoor sporting goods chain known, may be seeking a buyer.

The retailer has been under pressure since late October when the investment firm Elliott Management started pushing for money-generating maneuvers from Cabela's, possibly the sale of its credit card unit or the entire company. Elliott owns 6 percent of Cabela's shares and holds options to buy another 5 percent.

The company has been attempting to cut spending due to weak sales and in September it laid off 70 people, eliminating about 4 percent of its corporate workforce.

Cabela’s has its headquarters in Sidney, Nebraska, a town with a population of less than 7,000. Cabela’s accounts for almost a third of that number in jobs.

CEO Tommy Millner said in a written statement that Cabela’s continues to honor its commitments and that it remains focused on its business.

Millner, who has led Cabela’s since 2009, said the company’s board maintains faith in its current strategy, but will consider other options.