Nah -- Capital One bought the credit card bidness. That was a real money maker for Cabela's. They didn't disclose a price, but Citigroup bought AMEX's Costco portfolio for 10%. Cabela's receivables were around $5 billion, so say another $500 million for that.
This is a biiig deal, and Johnny doesn't have nearly this much cash. It'll be interesting to see who invested and what they want, because they'll have a big say in how things go. Just like the private equity guys were pushing Cabela's to make changes and/or sell, Johnny now has investors or bankers to keep happy.
My tummy tells me this is the beginning of the end. Too much brick and mortar, too many employees, too much competition. Cabela's shareholders are the winners. Maybe.