SIDNEY, Neb. (AP) — An investment firm has purchased a significant stake in Cabela's, and wants the outdoor retailer to consider strategic changes such as selling off the company's credit card unit.
Elliott Management Corp. said Wednesday that it owns 6 percent of Cabela's shares and holds options to buy another 5 percent.
Elliott said in documents files with the Securities and Exchange Commission that it thinks Cabela's is undervalued, and the Sidney, Nebraska-based company should act to boost its stock price.
Cabela's officials didn't immediately respond to messages Thursday.
Just last month Cabela's laid off 70 people to eliminate about 4 percent of its corporate workforce.
Cabela's is known for its oversized retail stores and extensive catalog and website.
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