Dick's destroyed $5 million worth of weapons

Dick's Sporting Goods CEO says company destroyed $5 million worth of weapons

https://www.foxnews.com/us/dicks-sp...any-destroyed-5-million-worth-of-weapons

The CEO of Dick's Sporting Goods said the company destroyed more than $5 million worth of assault-style rifles following its decision to stop selling the weapons amid pressure on retailers from gun control groups.

Ed Stack told CBS News during an interview that aired Sunday that the millions of dollars worth of inventory was turned 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.

It was not clear how much destroying the weapons cost the sporting goods giant.

Stack announced the Coraopolis, Pennsylvania-based chain would stop selling assault-style rifles and high-capacity magazines following the 2018 mass shooting at Marjory Stoneman Douglas High School in Parkland, Fla. The shooter killed 17 students and school staff with a weapon purchased from a Dick's location.

We found out that we sold this kid a shotgun," Stack said. "That's when I said, 'We're done.'"

It also revamped its firearm sales policy to require a minimum age of 21 for gun purchases. Stack said the moves resulted in a loss of $250 million in sales. The financial loss didn't affect the company's stock price, which climbed in the year after Parkland.

Earlier this year, Dick's stopped selling guns and hunting rifles at 125 locations after a 10-store test showed positive results.

Others have followed suit. Walmart announced last month that it would discontinue handgun sales in Alaska and the sale of short-barrel rifle and handgun ammunition nationwide.

More than 120,000 people signed a Walmart employee petition protesting the company's firearms sales since 22 people were killed at an El Paso, Texas location in August.

Idiots who would trade liberty for safety, end up without either.

Now there's a show of principled conviction

I feel safer already.

Mike Bloomberg could make up the lose for Dick's. Take 62.2 Billion and subtract 250 million will still keep Mike in pocket change. JMO

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Exactly how did Dicks "destroy" their guns? Not sure why but I'm thinking there is another fast and furious but with Dicks guns

Its nice we still have choices , and dont have to give those DICKS one red cent

[quote=run]This is good news for mom and pop gun stores.[/quote

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The showed a barrel full of hacked up ones and all I could think of was I could use those parts!

thanks.
oh man that is a bummer. The video in op didn't show that but only gave 4 top headlines. I thought I missed it so I watched it again.

These are confiscated guns fron los angeles

Before enviromentalism they would dump barge loads in the ocean

Now they prolly melt them down

This is realy funny since I got a dicks flyer in the mail yesterday and there were guns in it on sale . I'll get a pic of it when I get home

I was in Dick's in Watertown NY last week. It seemed to be well stocked in Guns , Ammo and all other shooting supplies..

They only stopped selling the evil, black assault rifles type guns.

I always wondered where the business name "Dicks" came from.

Now we know.......!

Pete

Happened to catch the CEO on NPR last night. He said the country needs leaders. He said currently, our leaders come from the private sector and he wasn't sure that was right. Didn't exactly say it was wrong tho. In a capitalist free country, the private sector is exactly where our leaders should come from.!!
mt

I really think the water is polluted where these morons live.

Hey its America. If they want to melt down 5 million let them......

10/07/19 Dick's at Queensbury, N. Y. gun racks FULL , Ammo shelves FULL.... Plenty of other hunting related stuff.......Tut

so the shooter used a shotgun and they destroy ar's,that doesnt evenmake sense by their crazy thought process

What I think I read was the shooter bought a shotgun there didn't use it in the shooting but could have

It's hard for me to believe that a business can be this stupid. DESTROYING 5 Million dollars in assets?

Frankly I doubt it. Even for a "Virtue signaling" publicity move, it's hard to believe.

on paper they were probably "destroyed" as a tax loss........they probably all were sold and went out the doors of stores. Someone should request the serial numbers of destroyed firearms.

My shadow has not darkened their door for 5 plus years!

Chris

I stopped going in our local Dick's when they originally announced their anti-gun policy.

Yes they DID NOT STOP SELLING GUNS nation wide . Only assault weapons and high compacity mags . Some ammo.

Yes was the 5 million retail or wholesale ????

Now being a stock held company,what right did they have to reduce the price of assets that stockholders bought into ? Isn't a company suppose to be looking out for its stockholders ?

Good point

The name of the store says it all! They are going under and trying to grab a rope before they sink!

They will be able to write off the expenses if they need them. If they unloaded some overpriced weapons that were not selling well for them due to other actions taken, they may be actually raising profits and helping the stock share owners. Businesses don't always make the decisions that some of us feel are correct then we are not doing their financials or their forward planning strategies either.

Bryce

They didn't unload overpriced weapons, they destroyed $5 million in inventory. Like flushing $5,000,000 down the toilet. Big difference.

Maybe it has already been mentioned but depending on they were destroyed isn’t that a felony in and of itself?

I wouldn't be even a little surprise if this was just a BS story to get more attention. And it worked.

Yep, reeling in the libs to buy their other stuff.

I'm with you on that. But I also think it really hurt their business as many hunters just decided never to darken their door again. That's the reason the Field & Stream segment of stores basically folded soon after. They are trying to sell off some of the stores.

Even if they were not overpriced they have a claimed 5 million of value that will not be sold and thus there is already a cost, it is just a matter of how they will claim the cost and when.
Businesses that size hire very high level comptrollers to help them make financial decisions, even if this one was more for political reasons or not.


Bryce

Where did the shooter get the shoes he was wearing?Probly should destroy all them too.

Why would it be a felony to destroy your own property ?

Years ago when I work in a foundry the Sheriff department would bring in all types of firearms. They would be melted down. All the good one were gone.LOL

But according to Dick's they purposely destroyed them. It was not a flood, theft, tornado etc. The F&S I work at discounts guns that are sitting on the shelf to long but are still making a small profit. Still do not understand how they can destroy stockholder property on purpose and then write it off as a loss. It was not a loss,they chose the situation they made.

I bet they were sold to a company like "Gun Busters" they purchase buy back weapons and police auctions, remove serial numbered receiver or action. The receiver is in fact destroyed but the rest of the gun is sold as parts or parts kits. I have bought several Mosin Nagants on GunBroker complete rifles with no action or receiver, no FFL required either without receiver.

this is a weapon



the guns in that picture just look like ordinary firearms. of course I guess you could call this a weapon also

The guns in the photos have nothing to do with the guns destroyed by Dick's, the guns at Dicks would have been in the original boxes.

I hope after destroying them that they did not write them off their taxes as a loss! That would mean that WE paid for them.

That was just my point in earlier posts, regarding writing off the 5 million in value. If they use accrual or cash accounting they have either expenses that gained no revenues or assets that are no longer on their books. As to can they write off this as charitable or other donations etc. I don't know. That is why they hire the really good CPAs.

Bryce