Cabela's Incorporated (NYSE:CAB) announced that Richard N. Cabela, Co-Founder and Chairman Emeritus, passed away today at his home in Sidney. He was 77.
Dick, along with his wife, Mary, and brother, Jim, founded Cabela’s somewhat inadvertently in 1961 when he purchased $45 worth of hand-tied fishing flies while in Chicago on a furniture and housewares buying trip with his father for the family’s Chappell, Neb., furniture store. With the flies not moving off the store shelf, Dick came upon the idea of selling them through the mail. His first ad, in a Casper, Wyo., newspaper, produced one sale. Rethinking his situation, Dick placed an ad in Sports Afield magazine: “FREE introductory offer!!! 5 popular Grade A hand-tied flies. Send 25c for postage and handling …” Orders started coming in and Mary typed the names and addresses of each customer on recipe cards and placed them in a shoebox. Realizing the potential for mail-order sales, Dick purchased more fishing gear and he and Mary produced a three-page mimeographed catalog which was mailed with each order.
Today, Cabela’s is a $3.6 billion company with a worldwide catalog and Internet business and 50 stores in the United States and Canada.
Dick served as Chairman of the Board until June 2013, when he transitioned to Chairman Emeritus and Jim Cabela became Chairman.“Dick and Jim made it possible for sportsmen and women to get quality outdoor products no matter where they lived,” said Tommy Millner, Cabela’s Chief Executive Officer. “They weren’t the first to offer outdoor goods through the mail, but nobody did it better or with more care about providing customers a good value for their money. “Outdoorsmen and women have lost a true friend, a man who improved their lot by putting them first, by working to provide what they wanted and needed for their hunting and fishing adventures. He pushed for research and development in every outdoor field. Dick always looked out for the customer and if he couldn’t find a vendor to provide what he wanted, he pushed Cabela’s to design and make it. Because of that passion, the Cabela's brand and its products are iconic throughout the world.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts