Dick's Sporting Goods to destroy all unsold firearms pulled

[minnesotatv]

Dick's Sporting Goods to destroy all unsold firearms pulled from shelves after Parkland shooting

Dick’s Sporting Goods announced on Monday it will destroy all of the unsold firearms it pulled
off store shelves in February after the deadly Parkland school shooting.

The sports retailer decided to destroy the assault-style rifles instead of returning them to the
manufacturer,


http://www.foxnews.com/us/2018/04/17/di ... oting.html

[Ghost]

[Holland&Holland]

All 3 base model ARs?

[Ghost]

[Bearcatrp]

They are getting a tax break doing this crap! Hope they go bankrupt!

[Randygmn]

They are getting a tax break doing this crap! Hope they go bankrupt!

Who said so?

As a publicly held company, you’d think the board wouldn’t agree with just destroying saleable goods. IMO, it’s a direct conflict of his fiduciary obligations. The Board, even representing 40% minority control, could push him out through lawsuits. In a few months, after the temporary financial support from the filthy Liberal Terrorists™️, their bottom line is going to be severely effected. By then, Dick’s will hopefully be driven into bankruptcy, Edward Stack’s wife leaves him for the gardener and during a complete mental breakdown, Stack kills himself. That would be the perfect ending if I was writing that story.

[Holland&Holland]

They are getting a tax break doing this crap! Hope they go bankrupt!

How are they getting a tax break? Yes they have no sale to report and have the cost of the goods still but that is really not a tax break. More of a loss which means you made no profit with which to pay the tax.

[2in2out]

Based on their own web page, it looks like stock prices are about 60% of what they were a year ago. If I owned stock, I'd be worried about getting my money back - any of it. They probably thought this little moral posturing stunt would get them more publicity than it cost them, but it's obviously just a sign of how terrible their leadership has been.

[Holland&Holland]

Based on their own web page, it looks like stock prices are about 60% of what they were a year ago. If I owned stock, I'd be worried about getting my money back - any of it. They probably thought this little moral posturing stunt would get them more publicity than it cost them, but it's obviously just a sign of how terrible their leadership has been.

You reap what you sow.

[mmcnx2]

First, if Dick's destroy's inventory they will not get a tax break. If a company intentionally destroys an asset it is not a pretax expense. As a public held company their tax auditors will be all over this.

Secondly, based on their stock price and this latest stupid move I would suspect they will be sued by stockholders. This is going to get interesting for management over the next 6-12 months.

Lastly, I also suspect you are going to see a number of stockholder law suits based on executives taking politically positions with the company and the negative impact on stock price. If a CEO wants to have a press conference about proposed corporate tax laws; they have an obligation to represent the companies interests and the potential impacts. But when CEO's take positions on social issues and they use their position and the company to pursue their personal interest, then stock holders are not being represented properly and these CEO's should be held accountable. Fiduciary responsibility and conflict of interest clauses in laws and employment contracts are pretty powerful.

[Bearcatrp]

What, they can’t claim a loss? You would think they verified with their tax lawyers they could get some kind of return on doing this. They can’t be this stupid to just loose money. Share holders and such would have a good reason to take them to court if they actually did destroy the guns with no benefit in return. Something we don’t know about that allows them to get something for this.

[Rip Van Winkle]

I don't care what Dick's does. The manufactures and wholesalers got paid for their goods and if Dick's wants to throw their inventory away, who cares?

In reality the value of the rifles they're destroying is such a small amount of their total inventory, they won't even notice it.

[Randygmn]

I read on a firearms forum that it was more than likely the manufacturers, after being paid (or delivered the goods on memo, where Dicks has 30-60-90 days to pay, and they will regardless), refused to take back the guns and issue refunds. Had Dicks not made their comments, it could’ve been possible that the manufacturers may have worked something out with such a large retailer, but, they burned that bridge.

ITS INCUMBENT UPON ALL FIREARMS MANUFACTURERS AND ACCESORY MANUFACTURERS TO REFUSE TO DO TO BUSINESS, OF ANY KIND, WITH DICKS, REGARDLESS OF WHAT THEY WANT TO PURCHASE (ie: shotguns, ammo, etc).

[usnret]

Hopefully they will be under the watchful eye of the ATF during the destruction process and get audited.

[Holland&Holland]

Hopefully they will be under the watchful eye of the ATF during the destruction process and get audited.

Maybe they could chop the barrel like that U-tube guy did and thereby manufacture an unregistered SBR