Dive Brief:

• Outdoor and hunting gear retailer Cabela’s says it will explore the possibility of a sale and has not set a timetable to complete such a process.

• In its statement the company said it is working with Guggenheim Securities LLC as its financial adviser and Sidley Austin LLP and Koley Jessen PC as legal counsel to assist in a strategic review.

• Activist investor Elliott Management last month disclosed an 11% stake in the retailer and was said to be urging a sale or other ways to unlock value in the struggling retailer, including a real estate sale or spin-off of its credit-card business. 

Dive Insight:

Cabela’s has been struggling under falling gun sales in the U.S. and recently slowed its expansion plans after finding new stores were cannibalizing sales of existing stores. 

At this point the retailer is still continuing its expansion, though slowing it. Cabela’s plans seven new stores next year and again in 2017, and says they’ll be smaller ones, with a goal of eventually running 225 stores in North America from its current 74. It’s unclear whether that will continue considering its strategic review.

News of a possible sale earlier this month has sent Cabela's share price up, while shares Wednesday rose 4.5% in premarket trading.