Cabela's Inc. is reducing its work force by approximately 10 percent at its corporate headquarters in Sidney, Neb. Cabela's is a leading specialty retailer of boating, fishing, hunting, camping and related outdoor merchandise.
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. Cabela’s is offering severance payments and outplacement assistance to affected employees.
The company did not release the exact number of workers affected by the layoffs.
"This work force reduction is an effort to reduce costs and improve efficiencies," said Dennis Highby, Cabela's president and CEO. "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."
The company’s stock was trading at $9.97 this morning. Its 52-week stock price ranged from $7.31, posted last Friday, to $22.55 in October 2007.