Talks stalled for Runnings storePublished 10:13am Thursday, April 25, 2013
AUSTIN — The home improvement retailer that now owns the former Kmart building may not be moving in anytime soon.
Craig Hoium, city of Austin community development director, told the Austin Port Authority Wednesday that Runnings, a Marshall-based retailer, has reached a stalemate in negotiations with Kmart/Sears Holding Co., whose lease of the property lasts through November 2016.
Runnings purchased the building, at 1400 18th Ave. NW behind Applebee’s, in September 2012 for $3 million but still has to reach an agreement with Sears.
Runnings, founded by Norman Running in 1947 as an automotive supply store, now sells everything from farm equipment to sporting goods. The company has 31 stores throughout Minnesota, the Dakotas and Montana, according to its website, and employs more than 1,000 people.
The building has been empty since Kmart closed in May 2010.
Runnings CEO Dan Herrmann could not be reached for comment.