Dick’s CEO Says They Destroyed $5M Worth Of Assault Rifles
“This is an absolute failure of fiduciary responsibility to their shareholders.
Dick’s Sporting Goods CEO Ed Stack told CBS News that his company destroyed $5 million worth of “assault-style rifles” to keep them out of private hands.
Ed Stack told CBS News during an interview 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.”
The CEO of Dick’s Sporting Goods says that after the company made the decision to no longer sell assault-style rifles, more than $5 million worth of the weapons were destroyed.
In an interview with CBS News that aired Sunday, Ed Stack said following the decision last year to stop offering assault-style rifles, the question of what to with the remaining inventory lingered.
“I said, ‘You know what? If we really think these things should be off the street, we need to destroy them,’” Stack said, adding that the company turned $5 million worth of the weapons into scrap metal.
Dick’s made the decision to stop carrying the rifles following the mass shooting at Marjory Stoneman Douglas High School in Parkland, Fla., which left 17 dead and reignited the national conversation surrounding gun control.
“We found out that we sold this kid a shotgun,” Stack said. “That’s when I said, ‘We’re done.’”
This is an absolute failure of fiduciary responsibility to their shareholders. Now, if I was a stockholder of Dick’s Sporting Goods, I would be suing them for destroying profitable products for no good reason.
In November 2016, Dick’s stock was selling at just over $60/share. Today, it’s at $38/share, a huge loss. When companies start jumping on the SJW bandwagon, it’s time for investors to start walking.