Cabela's Inc. Announces Reduction in Workforce
October 07 2008 - 10:15AM
Business Wire
Cabela�s Incorporated (NYSE: CAB), the World�s Foremost Outfitter�
of hunting, fishing and outdoor gear, today announced a reduction
in workforce of approximately 10% at its corporate headquarters in
Sidney, Nebraska. After completing a review of its organizational
structure, the Company determined to reduce staffing levels in
selected areas. The Company expects approximately two-thirds of the
reduction to come from not filling open positions and one-third of
the reduction to come from job eliminations. The Company is
offering severance payments and outplacement assistance to affected
employees. �This workforce reduction is an effort to reduce costs
and improve efficiencies,� said Dennis Highby, Cabela�s President
and Chief Executive Officer. �While this was a difficult and
challenging decision, I believe it was necessary given the
macroeconomic environment we are facing. We don�t expect these
changes to impact customer service.� As always, the Company expects
to hire to support strategic initiatives of the organization while
making adjustments in workforce as necessary at its retail stores,
call centers, and distribution centers to accommodate business
demand. About Cabela�s Incorporated Cabela�s Incorporated,
headquartered in Sidney, Nebraska, is a leading specialty retailer,
and the world�s largest direct marketer, of hunting, fishing,
camping and related outdoor merchandise. Since the Company�s
founding in 1961, Cabela�s� has grown to become one of the most
well-known outdoor recreation brands in the world, and has long
been recognized as the World�s Foremost Outfitter�. Through
Cabela�s growing number of retail stores and its well-established
direct business, it offers a wide and distinctive selection of
high-quality outdoor products at competitive prices while providing
superior customer service. Cabela�s also issues the Cabela�s CLUB�
Visa credit card, which serves as its primary customer loyalty
rewards program. Cabela�s stock is traded on the New York Stock
Exchange under the symbol �CAB�. Caution Concerning Forward-Looking
Statements Statements in this press release that are not historical
or current fact are "forward-looking statements" that are based on
the Company�s beliefs, assumptions and expectations of future
events, taking into account the information currently available to
the Company. Such forward-looking statements include, but are not
limited to, the Company�s statement regarding the impact of the
reduction in workforce on customer service and the Company�s
statement regarding hiring to support strategic initiatives of the
organization. Forward-looking statements involve risks and
uncertainties that may cause the Company�s actual results,
performance or financial condition to differ materially from the
expectations of future results, performance or financial condition
that the Company expresses or implies in any forward-looking
statements. These risks and uncertainties include, but are not
limited to: the strength of the economy; the level of discretionary
consumer spending; changes in consumer preferences and demographic
trends; changes in the credit markets or the availability of
credit; the Company�s ability to successfully execute its
multi-channel strategy; the ability to negotiate favorable
purchase, lease, and/or economic development arrangements for new
retail store locations; expansion into new markets; market
saturation due to new retail store openings; increasing competition
in the outdoor segment of the sporting goods industry; the cost of
the Company�s products; trade restrictions; political or financial
instability in countries where the goods the Company sells are
manufactured; adverse fluctuations in foreign currencies; increases
in postage rates or paper and printing costs; supply and delivery
shortages or interruptions caused by system changes or other
factors; adverse or unseasonal weather conditions; fluctuations in
operating results; the cost of fuel increasing; road construction
around the Company�s retail stores; labor shortages or increased
labor costs; increased government regulation; inadequate protection
of the Company�s intellectual property; the Company�s ability to
protect its brand and reputation; changes in accounting rules
applicable to securitization transactions; decreased interchange
fees received by the Company�s financial services business as a
result of credit card industry litigation; other factors that the
Company may not have currently identified or quantified; and other
risks, relevant factors and uncertainties identified in the
Company�s filings with the SEC (including the information set forth
in the "Risk Factors" section of the Company�s Form 10-K for the
fiscal year ended December 29, 2007, and in Part II, Item 1A of the
Company�s Quarterly Report on Form 10-Q for the fiscal quarter
ended March 29, 2008), which filings are available at the Company�s
website at www.cabelas.com and the SEC�s website at www.sec.gov.
Given the risks and uncertainties surrounding forward-looking
statements, you should not place undue reliance on these
statements. The Company�s forward-looking statements speak only as
of the date they are made. Other than as required by law, the
Company undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events or otherwise.
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