Dick’s Sporting Goods has been on the s*** list for gun rights supporters for a while. While they sold firearms quite readily, they were never really supporters of gun rights. It was almost like they were looking for an opportunity to cut ties with the gun community. After Parkland, they formally ended any AR-15 sales through any of their stores, including the Field & Stream storefronts.
Yet they haven’t stopped selling guns.
Well, that might not be quite accurate. They haven’t stopped trying to sell guns. I doubt they sell all that many of them.
Despite that, CEO Ed Stack has had to make sure to do a little virtue-signaling so the anti-gunners remember he’s on their side.
Ed Stack, the chairman and CEO of Dick’s Sporting Goods, said in a new interview that his company destroyed $5 million worth of semi-automatic rifles after removing them from store shelves last year.
Dick’s stopped selling AR-15s after the Sandy Hook Elementary School shooting in 2012 but took it a step further after the 2018 Parkland high school shooting, raising the gun purchase age to 21 and banning the sale of high-capacity magazines and assault-style rifles. It was a highly controversial move that Mr. Stack said cost the company “pretty close” to $250 million.
He said the company turned $5 million worth of weapons pulled from store shelves into scrap metal.
“I said, ‘You know what? If we really think these things should be off the street, we need to destroy them,’ ” he said.
I’m amazed. I’m absolutely stunned and amazed.
Why isn’t there a lawsuit by the stockholders for Stack failing his fiduciary duties as CEO? The fact that there isn’t is utterly amazing. Especially has he admits to losing somewhere in the neighborhood of $250 million because he got a wild hair up his rear and decided to alienate a large segment of the American population in the process.
This for a company whose net income over the last two years was only $320 million.
Just goes to show you, get woke, go broke.
I’m sorry, but if I were a stockholder, I’d be losing my mind over the lost revenue that accounts for a huge percentage of profits that Stack just threw on the burn pile because he wanted to make a political point. Stack may have consulted the board of directors on this, but he damn sure didn’t consult the stockholders who are now losing a large chunk of money due to their CEO’s anti-gun fit.
The funny thing here is that Stack will never really be accepted by the anti-gunners. He’s made too much money over the years selling guns and ammunition. He’s profited from the gun market. They’ll never accept him as one of their people because of that fact alone. He’ll always be a “merchant of death” to them.
Only, he’s burned his bridges with the pro-gun side, too.
In the process, he’s hurt his stockholders. If you’re one of those, do yourself a favor and talk to an attorney. Someone needs to take Stack down a peg or two after this revelation.
Here he is bragging about destroying $5 million worth of merchandise while also admitting that he lost his company around $250 million. The hubris of this man…