You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

Bass Pro Shops is closer to officially buying Cabela’s


After several snags along the way, outdoor retailer Bass Pro Shops could be one step closer to officially purchasing Cabela’s.

Bass Pro Shops had to smooth out the sale of Cabela’s banking assets before moving forward. Now, Cabela’s Inc. has entered into agreements with Synovus Financial Corp. and Capital One Financial Corporation for the sale of Cabela’s banking assets and liabilities. Synovus will acquire certain assets and deposits totaling $1.2 billion.

The company also announced that merger agreement changed slightly, and Bass Pro Shops will now acquire Cabela’s for $5 billion. The original value was slightly higher.

» BUSINESS NEWS: Reporters try new Starbucks color-changing, unicorn drink

Capital One will be the exclusive issuing partner of Cabela’s branded CLUB Visa program, part of a 10-year program agreement. Capital One intends to continue to operate the Cabela’s CLUB servicing center in Lincoln, Neb.

“We’re excited to announce this agreement, which allows us to look ahead with greater certainty toward the completion of our merger with Bass Pro Shops and offers a positive step forward for all parties,” said Tommy Millner, Cabela’s chief executive officer. “We look forward to completing these transactions for the benefit of our shareholders, Outfitters and outdoor enthusiasts.”

Because Cabela’s is a publicly traded company and there are a number of federal regulations that need to be followed to complete the transaction.

“Today’s announcement is an important step forward and we are excited about the opportunity to continue celebrating the great Cabela’s brand with ours as one unified outdoor family for our customers and for conservation,” said Johnny Morris, founder and CEO of Bass Pro Shops.

» BUSINESS NEWS: Facebook account claiming to be Ohio RadioShack posts vulgar messages

Both Bass Pro and Cabela’s have a big presence in this region. Cabela’s has a 70,000-square-foot store at 5500 Cornerstone North Blvd., in the Cornerstone at Centerville development off exit 7 of Interstate 675 near Wilmington Pike, and a location in West Chester Twp. The stores employ about 130 employees.

Bass Pro Shops has a location in Forest Fair at 300 Cincinnati Mills Drive and has had plans to build one in West Chester Twp.

FIVE FAST BUSINESS READS

LOCAL IMPACT: Another teen clothing retailer to close 400 stores

Former Dayton firefighter starts Washington Twp. design company

RETAIL ROUND-UP: 4 good announcements from stores this week

After major growth, Allegiant looks to add more flights in Dayton

JC Penney postponing store closures



Reader Comments ...


Next Up in Business

Memorial Day grillers to get hot deals on meat prices this year
Memorial Day grillers to get hot deals on meat prices this year

As the grilling season kicks off this Memorial Day weekend, amateur grill masters will see some deals on burgers, steaks and chicken prices at area groceries and butcher stores. Meat prices have dropped slightly from last year and are expected to remain steady throughout the summer season as livestock herds continue to recover from a devastating drought...
Temperature swings, recent rains worry Ohio farmers
Temperature swings, recent rains worry Ohio farmers

More than eight inches of rain since April 24 has put many Ohio farmers behind in their planting and left some scrambling to get their crops in the ground before June. Adding cold temperatures in early May to the high rainfall has been a recipe for disaster for many corn farmers and soybean farmers are playing catchup as rain continues to fall. Brandon...
JCPenney lays off more than 100 workers in Ohio
JCPenney lays off more than 100 workers in Ohio

Chain retailer JC Penney is laying off more than 100 workers in Ohio as it permanently closes one of its stores. The retailer sent a WARN notice to the Ohio Department of Job & Family Services alerting them that 117 workers will lose their jobs permanently by the end of July. JC Penney Corp. intends to close its retail store located in the Richmond...
Walmart hires more than 5,000 veterans in Ohio
Walmart hires more than 5,000 veterans in Ohio

Walmart announced it has hired more than 5,000 veterans in Ohio since introducing its Veterans Welcome Home Commitment in 2013. The commitment guarantees a job offer to any eligible, honorably discharged U.S. veteran, and approximately 5,114 veterans in Ohio have benefited from the program so far. The chain retailer has a goal to hire 250,000 veterans...
Manufacturers desperate for workers of the future
Manufacturers desperate for workers of the future

The need for skilled manufacturing workers is so acute, the CEO of Moraine’s Rack Processing Co. Inc. struck a deal last year nearly unheard of in the industry. Faced with the possibility of losing a customer because he didn’t have enough workers to fulfill an order, he borrowed five employees from another local company for about six weeks...
More Stories