Dick's destroys $5M worth of rifles.

[Jinglebob]

Moderator Edit:

Please refrain from commenting on the company name.
NO “Dick’s” jokes...
s&wchad
————————————————————-

Dick's Sporting Goods destroyed more than $5 million worth of assault-style rifles following its decision to stop selling the weapons. The inventory was turned into scrap metal.

It's their property and they can do what they what , but what a waste just to make a statement.

Dicks Sporting Goods CEO says company destroyed $5 million worth of weapons | Fox News

 

[Jaysq]

And the stockholders are OK with this???

 

[Rustyt1953]

They paid for them so they can scrap them if they choose.

It's not like we can't find them somewhere else.

 

[glenwolde]

That works out to at least a dozen per location (assuming a $500 unit price). But some locations probably didn't sell them due to local laws.

Was that wholesale...or retail? Retail would allow them to inflate the number for the press. Do they get to deduct this on their tax return as a loss? Do they tell the BATF?

 

[pharmer]

Never bought anything there before, won't buy anything there in the future. Tick-tock, this strategy worked real well for Sports Authority 10 years ago. Joe

 

[Dave.357]

I was not going to buy
From them any way.
They can burn their
Store down if they
Want to.

 

[riverrat38]

This should help the soft market in arms production and sales.
They get to make the rifles all over again. Colt not included, as I understand things.

Best,
Rick

 

[Onomea]

My. That sure is dumb.

(Or not... Let’s see if HoustonRick has a comment on this from a tax perspective...)

 

[ladder13]

They bought em’, they can do what they wish with their property. ‘Murica.

 

[Kanewpadle]

Old news...

 

[Golphin]

They lost 250 million in sales and it did not effect stock prices? I call BS on that article. Also Walmart did not follow suite they stopped selling AR's long before Dick's.

 

[Kanewpadle]

They lost 250 million in sales and it did not effect stock prices? I call BS on that article. Also Walmart did not follow suite they stopped selling AR's long before Dick's.

You didn’t read the entire article did you?

 

[Farmer17]

You would think they would donate them to law enforcement but they may also be anti-law enforcement.

 

[Warren Sear]

Hhaahahahahahhaahhaaa!

Stupid is as stupid does!

 

[Robotaz]

So he said he’s done with assault rifles because a kid used a shotgun from his store?

This guy is a mess. It’s shocking he can function as a CEO with this level of illogic and lack of simple reasoning skills. He makes no sense.

 

[johnbeaver]

Didn’t say who destroyed them. Wonder if they took them over to benchmade?


Sent from my iPhone using Tapatalk

 

[bushmaster1313]

Dicks is the only store near me in Central New Jersey open late or on Sunday that sells guns or ammo.

 

[Jinglebob]

Didn’t say who destroyed them. Wonder if they took them over to benchmade?

I would think that the cost to destroy the weapons would be more than the scrap is worth.

 

[LoboGunLeather]

If I were a shareholder I would be raising the roof over this, particularly if corporate types expect any kind of bonus.

The inventory in warehouses belongs to the shareholders, and management has a fiduciary duty to those shareholders. Re-sell the inventory at wholesale to other dealers for lawful commerce, thus recovering the shareholders' investment, that would be fine. Destruction of shareholders' property as a political statement, that should require deduction of the cost from the CEO's salary.

 

[HOUSTON RICK]

If I were a shareholder I would be raising the roof over this, particularly if corporate types expect any kind of bonus.

The inventory in warehouses belongs to the shareholders, and management has a fiduciary duty to those shareholders. Re-sell the inventory at wholesale to other dealers for lawful commerce, thus recovering the shareholders' investment, that would be fine. Destruction of shareholders' property as a political statement, that should require deduction of the cost from the CEO's salary.

Nice theory. Corporations are run by and for the officers and Board. Any scraps, sometimes quite nice for common folk, left to the shareholders is simply a by-product. The rewards and power never leave the top.