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Capital One to Lay Off 153 at Former Cabela’s Credit Facility

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LINCOLN, Neb.— Capital One filed notice this week that it plans to lay off 153 employees at a Nebraska facility responsible for servicing Cabela’s credit card members.

The notice, placed with the Nebraska Department of Labor places the timeline for layoffs at two months.

Capital One is the servicer for the Cabela’s Club credit card, having taken over the financial arm of Cabela’s—formerly dubbed World’s Foremost Bank—after a 2017 merger with Bass Pro Shops. As part of that merger, Bass Pro Shops sold the credit portfolio to Synovus Financial, which then sold the portfolio to Capital One.

According to Market Watch, Cabela’s was the 15th largest credit card issuer in the United States as recently as June 2017.

The Lincoln Journal Star reports notes that Capital One employees will be eligible to reapply for positions within the company. Meanwhile, Bass Pro Shops has slashed more than 700 jobs at the former Cabela’s headquarters in small-town Sidney, Nebraska; and is in the midst of lawsuits against several of those employees who have opened independent tackle and outdoor stores.

The Springfield, Missouri-based company says that those employees violated non-compete clauses in buyouts from Cabela’s.

Joe Sills Hi there, did you know? Each week, we curate a list of the Top 5 stories in fishing and send them right to your inbox. Reading Tackle’s Top 5 is one of the best ways to become or remain an industry expert. -Joe Sills, Digital Editor

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