Hunting and fishing superstore chain Cabela's announced Wednesday it would be exploring "strategic alternatives" for the future of the company, including a potential sale.
Cabela’s is working with Guggenheim Securities, LLC as its financial adviser and Sidley Austin LLP and Koley Jessen P.C., L.L.O. as its legal counsel to assist in the strategic review.
The company did not announce a timetable for the the process, and added that there was "no assurance that this review process will result in a sale transaction or other strategic alternative of any kind."
“We continue to believe that our Vision 2020 strategy will position Cabela’s to be the world’s best omni-channel retailer, while driving improved performance in both revenue growth and profitability,” CEO Tommy Millner said in a statement. “That said, the Board is committed to taking actions to enhance value for shareholders and believes it is an appropriate time to explore potential strategic options that may drive further value. As the Board undertakes this exploration process, Cabela’s is focused on the execution of its business strategy and remains fully committed to serving our customers’ needs.”
The company has been under pressure to improve profits from hedge fund Elliott Management, which recently disclosed that it had acquired 11 percent of the company.
Reuters reported last month that rival Bass Pro Shops was considering a bid for Cabela's