Globe with Money

Would Ed Stack Burn His Company to the Ground Just to Make a Point?

Apr. 23, 2018
by Bob Adelmann

Dick Stack opened his first store – a “bait and tackle” fishing supplies store – in Binghamton, New York in 1948. By the time his son Eddie was born in 1955, Dick had grown the business to include general sports merchandise, and by the early 1960s he built his first store, calling it “Dick’s Sporting Goods.” When son Eddie entered the business in 1977 they had two stores. Eddie had a knack, and the business grew. Dick let Eddie take over the business entirely in 1984 (Eddie was 29) and the two-store business became a chain operation by the early 1990s.

Today the business has 800 stores mostly in the Eastern United States, and owns and operates a golf specialty retailer, Golf Galaxy, True Runner and Field & Stream (no relation to the publication). Its Sports Authority and Golfsmith operations went bankrupt in 2016 and 2017, respectively. The business turned Eddie into a billionaire.

And, apparently, a liberal. When the Parkland, Florida massacre took place in February, Eddie issued a press release saying that one of his stores had sold a shotgun to the perp although he didn’t use it in the massacre. But Eddie used the incident as a reason to stop selling so-called “assault” rifles – semi-automatic (one squeeze, one shot) rifles at his primary outlets, numbering about 650 at the time. He said:

READ MORE

CHECK OUT THE ENTIRE MCALVANY NETWORK

McAlvany Weekly Commentary provides investors with valuable monetary, economic, geo-political and financial information that cannot be found on Wall Street. Your host David McAlvany presents a solid strategy of wealth preservation for your financial and retirement assets while living in an unstable economy.

Through its client focused, customized approach, MWM is committed to providing independent, well-researched, objective advice, and investment professionalism. At MWM, our client commitment is to preserve capital, manage risk, and grow your assets in an ever-changing global environment.

At International Collectors Associates (ICA), we specialize in the sale of bullion, semi-rare U.S. and European gold coins and secure offshore storage in Switzerland for your precious metals. Our highly trained and experienced advisors strive to help you in customizing solid strategies of wealth preservation for your financial and retirement assets.

McAlvany Financial Group

The McAlvany Financial Group has a contrarian, in-depth approach to its analysis, allowing the company to avoid decisions based on emotion, and thus combine maximum risk mitigation with consistent real growth for its clients’ investments. Integrity, attentiveness, and longevity have characterized the company’s client relationships since 1972.