SIDNEY, NE—Outdoor sporting goods retailer Cabela's Inc. said Wednesday it would explore "a wide range of strategic alternatives." The announcement follows earlier published reports that Guggenheim Securities had begun reaching out to a small group of potential private equity buyers on behalf of Cabela's. In addition to its multi-channel retail business, Cabela's also controls about $1 billion in real estate, owning the majority of its 77 stores in the US and Canada, and a credit-card business holding nearly $5 billion in loans.

"We continue to believe that our Vision 2020 strategy will position Cabela's to be the world's best omni-channel retailer, while driving improved performance in both revenue growth and profitability," says Cabela's CEO Tommy Millner. "That said, the board is committed to taking actions to enhance value for shareholders and believes it is an appropriate time to explore potential strategic options that may drive further value. As the board undertakes this exploration process, Cabela's is focused on the execution of its business strategy and remains fully committed to serving our customers' needs."

Bloomberg Business reported Wednesday that Bass Pro Shops is working with JPMorgan Chase & Co. to help explore a bid for Cabela's. Citing unnamed sources said to be familiar with the matter, Bloomberg also cited KKR & Co., Hellman & Friedman and TPG Capital as prospective bidders.

Cabela's said Wednesday that there was no guarantee that the strategic review, which it's undertaking with Guggenheim as financial advisors and with law firms Sidley Austin LLP and Koley Jessen as its legal counsel, would result in a sale. In the meantime, the company is planning 12 store openings beyond 2015, having added 13 locations over the past year. However, sales growth has been spotty in recent quarters, with the company reporting in October that its NOI and same-store sales for the third quarter were down from the year prior.

News of a possible Cabela's sale occurs in a retail environment that has seen a great deal of merger and acquisition activity in recent months. Earlier this week, Mattress Firm said it would pay $780 million to acquire the Sleepy's chain, creating what's said to be the first coast-to-coast bedding products specialty retailer with approximately 3,500 stores across 48 states. Last month, a partnership of CVC Capital Partners and Canada Pension Plan Investment Board agreed to pay $4.6 billion to jointly acquire Petco from a group of investors led by TPG and Leonard Green & Partners, its owners since 2006. In October, drugstore giants Walgreens Boots Alliance Inc. and Rite Aid Corp. said they would merge in a deal that values Rite Aid at $17.2 billion, including the assumption of debt.