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World's Foremost Bank, exterior

Capital One Financial plans to cut about 150 jobs at the former Cabela's credit card operation, at 4800 N.W. First St.

More than 100 people are set to lose their jobs at the former Cabela's credit card operation.

Capital One Financial, which took over the operation just more than a year ago as part of the Bass Pro Shops purchase of Cabela's, is cutting about 150 jobs at its Lincoln operation at 4800 N.W. First St., a company spokesman confirmed Monday.

The company had filed a notice with the Nebraska Department of Labor last week that it plans to lay off 153 people in 61 different job titles within the next several months, with another two employees taking voluntary retirement. Such a notice is required under the Worker Adjustment and Retraining Notification Act when a company plans to lay off a large number of workers.

The company expected the first separations to take place Dec. 7, with the layoffs wrapping up around March 1. Many employees were already being given 60-day notices that their positions are being terminated.

Capital One said in a statement that the Lincoln location will remain as a site focused on servicing customers of the Cabela's Club credit card.

However, "some specialized responsibilities are transitioning to other sites within our footprint where we have similar, well-established teams," the statement said. "This includes groups focused on fraud, recoveries, some back-office service positions and horizontal support roles."

Capital One said affected employees can apply for other open positions within the company. Those who choose not to apply or are unable to find another job internally will receive a severance package, as well as assistance to find another job.

As part of Cabela's $5 billion sale to Bass Pro Shops last year, its World's Foremost Bank subsidiary was sold to Synovus Financial, which in turn sold the Cabela's credit card portfolio to Capital One.

Capital One, which has a 10-year contract to market the Cabela's Club credit card, said at the time that it planned to keep the operation in Lincoln, and it retained nearly all of the 500 or so employees.

The cuts in Lincoln add to the job losses in Sidney, as Bass Pro pares back operations in the former home of Cabela's corporate headquarters. Earlier this year, about 300 Cabela's employees in Sidney took buyouts that were as high as $40,000 per person for some long-term workers, in addition to whatever regular severance payments they received.

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Reach the writer at 402-473-2647 or molberding@journalstar.com.

On Twitter @LincolnBizBuzz.

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Business editor/reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

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