Posted on 02/20/2014 6:07:35 AM PST by KeyLargo
Wall Street
2/18/2014
Richard Cabela, Co-Founder Of Cabela's And Prominent NRA Supporter, Dies At 77
Richard Cabela, co-founder of the Cabela’s retail chain that caters to outdoor enthusiasts and a prominent supporter of the National Rifle Association, has died. He was 77.
Cabela started the company in 1961 as a catalog business with his wife, Mary, at their kitchen table in Chappell, Nebr. His brother, James Cabela, soon joined the company and together they developed large stores in the U.S. and Canada featuring elaborate taxidermy displays of animals. Through its stores and eventually the Internet, Cabela’s became one of the nation’s major gun retailers. Eventually, the Cabela brothers listed their company on the New York Stock Exchange in 2004 and even opened an FDIC-insured bank, offering cobranded Visa credit cards.
In recent years, a good chunk of Cabela’s revenue growth came from the gun business amid general fears that the Obama Administration would restrict future gun sales. Cabela’s benefitted from the surge in gun sales with about one fifth of its $3.6 billion in revenue in 2013 coming from guns and ammunition sales. As a result, shares of Cabela’s rose dramatically, rising about 92% in the last two years. At one point last year, shares of Cabela’s owned by Richard and James Cabela were worth $1.2 billion.
(Excerpt) Read more at forbes.com ...
RIP.
Anyone know much about this company?
It seems so many great companies go downhill after the founder passes, typically being run into the ground by so-called professionals. Here’s hoping that doesn’t happen to Cabela’s.
Cabelas didn’t open their 2nd store until 1987, and all the growth has happened under professional managers as a public company, so I wouldn’t worry about that.
Dick Cabela was one of my favorite people, an EXTREME RIGHT WINGER. His younger brother Jim is still involved in the store and also a big time conservative.
RIP.
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