Shami-Amourae
18th December 2012, 03:16 PM
Commie scumbags folding. I guess they can expand their Women's Department and get rid of their Outdoors Department entirely.
http://static.infowars.com/2012/12/i/general/ban.jpg
http://www.usatoday.com/story/money/business/2012/12/18/cerberus-freedom-group-bushmaster/1776997/
The Dick's Sporting Goods chain said Tuesday that it is suspending sales of some rifles nationwide because of the Sandy Hook Elementary School shootings.
Dick's also said it's removing all guns from display at its store closest to Newtown, Conn., where the shootings place.
Earlier Tuesday, Wall Street private equity firm Cerberus Capital Management said it will sell its stake in firearms maker Freedom Group, which makes one of the guns used in Friday's mass shooting that killed 26 people, including 20 children.
A statement on Dick's corporate website (http://www.dickssportinggoods.com/corp/index.jsp?page=pressRoom) expresses sympathy for the victims' families. It says sales of "modern sporting rifles" will be suspended during "this time of national mourning."
It's not clear how long the suspension will last. A spokesman for Dick's did not immediately return a call for comment on Tuesday.
Pittsburgh-based Dick's Sporting Goods has more than 500 stores in 44 states.
In its statement Tuesday (http://www.prnewswire.com/news-releases/cerberus-capital-management-statement-regarding-freedom-group-inc-183889361.html) morning, Cerberus also expressed sadness for the horrific events, saying it was "deeply saddened" and that it could not "comprehend the losses suffered by the families and friends of those killed by the unthinkable crime committed."
The decision to sell Freedom Group, in which Cerberus has had an investment in since 2006, was made to avoid being "drawn into the national debate" about gun control, the firm said. Freedom controls Bushmaster Firearms International, which makes the rifle used in the Newtown, Conn., shootings.
On Monday, the California State Teachers Retirement System said it was reviewing its investment in Cerberus due to the tragedy in Newtown. On Tuesday, CalSTRS said it has decided to continue its investing relationship with Cerberus, now that the fund plans to sell its stake in Freedom Group.
Private equity firms typically buy companies, take them private, then improve their operations and profitability with the hope of reselling the company at a higher price.
The renewed focus on gun control, both politically and on Main Street, is forcing investors to rethink their investments in companies that manufacture firearms, says Gary Kaltbaum of money management firm Kaltbaum & Associates.
Cerberus put together Freedom Group by buying Bushmaster, Remington, and other well-known gun brands starting in 2006. Cerberus owned 95% of Freedom Group, according to a year-end 2011 filing for the gunmaker on its website.
Freedom Group said it is the largest firearms manufacturer in the U.S. It sold 1.1 million rifles and shotguns last year, along with 2 billion rounds of ammunition. Its products are sold to law enforcement and military customers, as well as retailers who sell them to hunters and gun enthusiasts.
Meanwhile, Tuesday, Shares of Sturm, Ruger & Co. dropped $3.21, or 7.3%, to $40.79 in midday trading. They're down 10.5% since Thursday, the day before the shooting. Shares of Smith & Wesson Holding fell more than 9% to $7.86, and are down 17.6% from their Thursday close.
"It could be a money thing but I also think it is as simple as investors saying, "I don't want to be associated with guns,' " says Kaltbaum. "There's no question that investments in gun companies have gone down and they are not very popular right now."
In its press release, Cerberus said, Freedom Group sells only to gun dealers and "We do not believe that Freedom Group or any single company or individual can prevent senseless violence or the illegal use or procurement of firearms and ammunition..... There are, however, actions that we as a firm can take."
http://static.infowars.com/2012/12/i/general/ban.jpg
http://www.usatoday.com/story/money/business/2012/12/18/cerberus-freedom-group-bushmaster/1776997/
The Dick's Sporting Goods chain said Tuesday that it is suspending sales of some rifles nationwide because of the Sandy Hook Elementary School shootings.
Dick's also said it's removing all guns from display at its store closest to Newtown, Conn., where the shootings place.
Earlier Tuesday, Wall Street private equity firm Cerberus Capital Management said it will sell its stake in firearms maker Freedom Group, which makes one of the guns used in Friday's mass shooting that killed 26 people, including 20 children.
A statement on Dick's corporate website (http://www.dickssportinggoods.com/corp/index.jsp?page=pressRoom) expresses sympathy for the victims' families. It says sales of "modern sporting rifles" will be suspended during "this time of national mourning."
It's not clear how long the suspension will last. A spokesman for Dick's did not immediately return a call for comment on Tuesday.
Pittsburgh-based Dick's Sporting Goods has more than 500 stores in 44 states.
In its statement Tuesday (http://www.prnewswire.com/news-releases/cerberus-capital-management-statement-regarding-freedom-group-inc-183889361.html) morning, Cerberus also expressed sadness for the horrific events, saying it was "deeply saddened" and that it could not "comprehend the losses suffered by the families and friends of those killed by the unthinkable crime committed."
The decision to sell Freedom Group, in which Cerberus has had an investment in since 2006, was made to avoid being "drawn into the national debate" about gun control, the firm said. Freedom controls Bushmaster Firearms International, which makes the rifle used in the Newtown, Conn., shootings.
On Monday, the California State Teachers Retirement System said it was reviewing its investment in Cerberus due to the tragedy in Newtown. On Tuesday, CalSTRS said it has decided to continue its investing relationship with Cerberus, now that the fund plans to sell its stake in Freedom Group.
Private equity firms typically buy companies, take them private, then improve their operations and profitability with the hope of reselling the company at a higher price.
The renewed focus on gun control, both politically and on Main Street, is forcing investors to rethink their investments in companies that manufacture firearms, says Gary Kaltbaum of money management firm Kaltbaum & Associates.
Cerberus put together Freedom Group by buying Bushmaster, Remington, and other well-known gun brands starting in 2006. Cerberus owned 95% of Freedom Group, according to a year-end 2011 filing for the gunmaker on its website.
Freedom Group said it is the largest firearms manufacturer in the U.S. It sold 1.1 million rifles and shotguns last year, along with 2 billion rounds of ammunition. Its products are sold to law enforcement and military customers, as well as retailers who sell them to hunters and gun enthusiasts.
Meanwhile, Tuesday, Shares of Sturm, Ruger & Co. dropped $3.21, or 7.3%, to $40.79 in midday trading. They're down 10.5% since Thursday, the day before the shooting. Shares of Smith & Wesson Holding fell more than 9% to $7.86, and are down 17.6% from their Thursday close.
"It could be a money thing but I also think it is as simple as investors saying, "I don't want to be associated with guns,' " says Kaltbaum. "There's no question that investments in gun companies have gone down and they are not very popular right now."
In its press release, Cerberus said, Freedom Group sells only to gun dealers and "We do not believe that Freedom Group or any single company or individual can prevent senseless violence or the illegal use or procurement of firearms and ammunition..... There are, however, actions that we as a firm can take."