Cabela's stops Greenwood project

IBJ Staff
February 1, 2008
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Rocky fourth-quarter sales and a bleak economic outlook have led outdoors retailer Cabela's to put several planned superstores on hold, including one slated for Greenwood.

The Nebraska-based company on Wednesday warned that its fourth-quarter earnings would fall short of expectations, thanks to a "challenging retail environment." Cabela's forecast a same-store sales drop of 5.9 percent.

The Greenwood store, planned for the southeast corner of Interstate 65 and County Line Road, is among five placed on hold indefinitely as a result.

"This is not a Greenwood-specific decision," John Castillo, a company spokesman, told IBJ. "This is a nationwide revision of our expansion plans."

Cabela's did not notify Greenwood officials of its decision, despite the city's pledge of $18 million in economic development bonds to help open the store, said Elaine Hullinger, executive assistant to Mayor Charles Henderson, who is out of town.

Jerry McKinney, president of the Greenwood Economic Development Commission, said he also wasn't notified of the company's decision.

The announcement of the new store generated a flurry of new retail interest in the area, all of which is now in jeopardy.

Read more at Property Lines.

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