Cabela's in Canada
SIDNEY, Neb., *August 16, 2007 - Cabela’s Incorporated (NYSE: CAB), the World’s Foremost Outfitterâ of hunting, fishing and outdoor gear, announced today it has reached an agreement to purchase S.I.R. Warehouse Sports Store, a Winnipeg-based specialty retailer that for generations has supplied hunting, fishing, camping and related outdoor merchandise to Canadian outdoorsmen and women.
S.I.R. was founded in 1924 by Sydney Isaac Robinson and has grown into one of Canada’s leading outdoor outfitters through its mail-order operation and 44,000-square-foot retail store in the heart of Winnipeg’s busiest shopping district. A family-owned and operated business, S.I.R is headed by Earl Robinson, son of the company’s founder, who serves as president.
“S.I.R. has long been a tradition for many outdoor enthusiasts in Canada in much the same mold as Cabela’s,” said Dennis Highby, Cabela’s President and Chief Executive Officer. “This acquisition will allow us to accelerate growth of our retail, catalog and Internet business in Canada, and though we already have a loyal customer base in Canada, we expect significant growth in Canadian business as a result of this transaction.”
“S.I.R.’s facilities will become the headquarters for our Canadian operations,” Highby said. “And S.I.R.’s employees, who we expect to retain, will become our first Canadian employees.”
Cabela’s, founded in 1961, has a similar family-oriented history and tradition. Dick Cabela and his brother, Jim, built the company from a small mail-order operation to a world-wide multi-channel retail operation, selling merchandise through mail-order, a Web site and a growing chain of destination retail stores. Cabela’s went public on the New York Stock Exchange in 2004.
Cabela’s currently has thousands of catalog and Internet customers in Canada, but this would be its first Canadian retail operation. The purchase price has not been disclosed.
“In Cabela’s 45-year history of continued growth, we’ve developed a reputation for unsurpassed customer service, value and an industry-leading selection of quality products. S.I.R. customers can expect the same,” Highby said.
The purchase, which Cabela’s expects to close in 30 to 60 days, will be Cabela’s second announced venture in Canada. The Sidney, Neb., -based company plans to build one of its trademark destination retail stores at the proposed Lac Mirabel development in Montreal.