Dick's Sporting Goods CEO states that the company destroyed $ 5 million worth of weapons
The CEO of Dick & # 39; s Sporting Goods said the company destroyed more than $ 5 million assault rifle following its decision to stop selling the weapons under pressure from gun control retailers.
Ed Stack told CBS News during an interview on Sunday that millions of dollars in inventory were turned into scrap metal.
"I said," You know what? If we really think these things are going to be off the street, we have to destroy them, "he said.
It was not clear how much destruction the weapons cost the sports goods giant.
PAWN SHOP TROLLS DICKS SPORTING GOODS With SIGN ADVERTISING AR-15 & # 39; S
Stack announces Coraopolis, Pennsylvania-based chain will stop selling assault rifles and high-capacity magazines following the 201[ads1]8 mass shooting at Marjory Stoneman Douglas High School in Parkland, Fla. 17 students and school employees with a weapon purchased from a Dick's location.
"/>
The exterior of Dicks Sporting Goods, a chain of retail outlets in over 600 locations, in Lancaster, CEO Ed Stack said the company destroyed a $ 5 million rifle as the chain has moved from selling
"We found out we were selling this boy a shotgun," Stack said. "That's when I said, 'We're done.' Stack said the moves resulted in a $ 250 million loss in revenue. The financial loss did not affect the company's share price, which rose the year after Parkland.
Earlier this year, Dick stopped selling guns and hunting rifles at 125 locations after a test with 10 stores showed positive results.
CLICK HERE FOR THE WHOLE NEW FOXBUSINESS.COM
Others have followed suit. Walmart announced last month that it would liquidate the sale of small arms in Alaska and the sale of short barrel rifle and small arms ammunition nationwide.
More than 120,000 people signed a Walmart employee's petition protesting the company's firearms sale since 22 people were killed at an El Paso in Texas in August.
