Bass Pro Shops offering buyouts to employees at former Cabela’s headquarters in Sidney

"This will be a mass exodus in Sidney," a headquarters employee said in an interview on the condition the employee not be named. "This is what people have been waiting for." Bass Pro finalized its $5 billion purchase of Nebraska-based Cabela's last year. Now, the company is faced with the task of eliminating duplicate functions as the two companies combine. The new headquarters will be in Bass Pro's home of Springfield, Missouri.

The offer to Cabela's headquarters employees includes two weeks of pay per year of service at the company, plus a hefty bonus, according to the document.

Employees at the headquarters in Sidney over 50 years old, with a minimum of 10 years of service, would get two weeks of severance pay for each year of service at the company, plus a $40,000 bonus, if they accept the offer. They would also get a lifetime discount card for Bass Pro and Cabela's stores.

Employees under 50 or with fewer than 10 years of service would get the severance offer and a $20,000 bonus, plus discounts at the stores for the next 10 years.

"These voluntary programs, which will expire March 1, 2018, are above and beyond what Outfitters will receive in future severance programs," the letter said, referring to Cabela's employees.

A Bass Pro spokesman did not immediately respond to an email and phone message Friday.

It wasn't immediately clear how many employees the offer would apply to, but the letter said a $20 million fund to enhance normal severance benefits had been set up, so doing the math, it's likely applicable to all or most of the employees at the headquarters.

The town of about 6,800 about six hours west of Omaha already has been hit hard by the sale of its top employer. Many people already have been laid off or have quit. Sidney's housing market is flooded with homes for sale, and many already are declining in value.

One employee estimated about 800 people are left at the former headquarters. That's down from at least 1,200 three years ago. Cabela's once employed about 2,000 people total in Sidney. In January, Bass Pro Chief Executive Johnny Morris challenged former Cabela's executives and owners who benefited financially from the sale of the company to donate some of that money toward a severance fund for average workers.

The letter to employees offering the buyouts, which was dated Feb. 15 and signed by Bass Pro President Jim Hagale, said that Morris' challenge received "minimal positive response." Morris at the time said Bass Pro had already committed an additional $10 million toward the severance fund, and that he would personally match all of the donations, up to $10 million.

"Irrespective, Johnny has decided to firmly commit to contribute the full amount of his $10 million challenge," the letter said. "This most recent commitment, when added to the $10 million previously committed to enhance severance, results in a total of $20 million of incremental funding to help support dislocated team members."

The letter says "a significant portion" of that money is being used to provide for the voluntary programs outlined in the letter.

The Cabela's employee who asked not to be identified said the offer is more generous than employees had hoped for. The standard severance program does not include the bonus, the employee said.

The letter notes that Remington Arms Co., a Cabela's and Bass Pro vendor, declared bankruptcy this week, a sign of the struggle outdoors retailers have faced over the past few years.

"The reality is that Cabela's retail business continued its downward spiral through 2017, with the company reporting very significant losses for the year just ended," the letter said. "This type of performance is obviously not sustainable and requires major and immediate corrective action."

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