Dick's Sporting Goods CEO says company destroyed $5 million worth of weapons

The CEO of Dick's Sporting Goods said the company destroyed more than $5 million worth of assault-style rifles following its decision to stop selling the weapons amid pressure on retailers from gun control groups.

Ed Stack told CBS News during an interview that aired Sunday that the millions of dollars worth of inventory was turned into scrap metal.

"I said, 'You know what? If we really think these things should be off the street, we need to destroy them,'" he said.

It was not clear how much destroying the weapons cost the sporting goods giant.

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Stack announced the Coraopolis, Pennsylvania-based chain would stop selling assault-style rifles and high-capacity magazines following the 2018 mass shooting at Marjory Stoneman Douglas High School in Parkland, Fla. The shooter killed 17 students and school staff with a weapon purchased from a Dick's location.

"We found out that we sold this kid a shotgun," Stack said. "That's when I said, 'We're done.'"

It also revamped its firearm sales policy to require a minimum age of 21 for gun purchases. Stack said the moves resulted in a loss of $250 million in sales. The financial loss didn't affect the company's stock price, which climbed in the year after Parkland.

Earlier this year, Dick's stopped selling guns and hunting rifles at 125 locations after a 10-store test showed positive results.

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Others have followed suit. Walmart announced last month that it would discontinue handgun sales in Alaska and the sale of short-barrel rifle and handgun ammunition nationwide.

More than 120,000 people signed a Walmart employee petition protesting the company's firearms sales since 22 people were killed at an El Paso, Texas location in August.