Barking Mad To Run
RunTex is a premiere running store in Austin and very involved in the running community in Austin and the surrounding area our two cities of Austin and San Antonio, which are only an hour's drive apart. Paul is a great guy. I wish him all the luck!
RunTex store evicted from Riverside Drive site - RunTex, a mecca for Austin runners for more than two decades, has been evicted from its longtime home along the Lady Bird Lake running trail after falling behind on rent, said Paul Carrozza, the store’s owner. Travis County Precinct 5 deputy constables were at the store Thursday afternoon to seize the company’s property in order to settle a $150,000 judgment, chief deputy Bobby Gutierrez said. “There’s a lot of different ways this can be resolved,” he said. “The easiest way would be for RunTex to cut a check — a good check — for the full amount but, at this point, there’s no indication that’s going to happen.” According to a notice posted by RunTex’s landlord, rent has not been paid for January, March and April, as well as part of February. The document indicates monthly rent at the location, which encompasses three buildings at 201 S. First St., 420 W. Riverside Drive and 422 W. Riverside Drive, is a little less than $20,000. Carrozza said a failed expansion attempt is to blame for the company’s money woes. RunTex celebrated its 25th anniversary Monday. http://www.statesman.com/news/business/runtex-being-evicted-from-riverside-drive-location/nXCrs/
"Do what you can, with what you have, where you are." Theodore Roosevelt
I am surprised they didn't file bankruptcy to prevent the eviction (or at least delay it). This happen more often than you think. Sad for the community.
Damaris
As part of the 2024 London Marathon, I am fundraising for VICTA, a charity that helps blind and visually impaired children. My mentor while in law school, Jim K (a blind attorney), has been a huge inspiration and an example of courage and perseverance. Please consider donating.
Fundraising Page
Caretaker/Overlook Hotel
$20k per month for rent on a running shoe store? Geeeeez loueeeeeez, friggin DICK'S SPORTING GOODS' retail locations probably don't pay that! That's a hell of a monthly stroke to pay for any business!
Randy
Resident Historian
Agreed - need to have one hell of a turnover to cover that. For management to just sit there and let it happen though, allow inventory to be seized, almost guaranteeing they're permanently out of business?
Neil
--------------------------------------------------------------------------------------------------“Some people will tell you that slow is good – but I'm here to tell you that fast is better. I've always believed this, in spite of the trouble it's caused me. - Hunter S. Thompson
Which is why I am surprised that they didn't file bankruptcy to stop it. You are not supposed to file bankruptcy just for these things (if you're not going forward) but I see often enough (as in every week) to be surprised that they didn't try this tactic.
I cannot say they were very actively trying to prevent this. Three months of rent behind means they fail to pay the rent since the end of December, so they knew they were subject to this by February.
Healed Hammy
Dont feel too much sorrow. Think of the landlord in this situation. I can guarantee you he was more than 3 months rent behind, a $150k judgement is at least 6 months unpaid rent. In most jurisdictions the tenant holds all the cards, and the landlord has to wait for the judical system to takes its lovely old time. Remember the landlord was probably paying the utilities, still has real estate taxes to pay, and now will need tens of $1k's to renovate. All due to a business that bit off more than he could chew. Yes its a shame, but this is America where those who have money usually get screwed.
"The document indicates monthly rent at the location, which encompasses three buildings at 201 S. First St., 420 W. Riverside Drive and 422 W. Riverside Drive, is a little less than $20,000"
Indeed! Same thing I saw on this... You would have to sell ALOT of product every month in order to cover that kind of rent. That is about $700.00 a DAY in rent!
Isn't the normal rent on a store, say in a strip-mall for instance... Closer to $ 3,000 a month?
.
The Plan '15 → /// "Run Hard, Live Easy." ∞
Location, Location, Location. The store is next to Lady Bird Lake trail. Lots of folks in there daily for classes and run clubs.Bet they put up another apartment type place....
Which is why I am surprised that they didn't file bankruptcy to stop it. You are not supposed to file bankruptcy just for these things (if you're not going forward) but I see often enough (as in every week) to be surprised that they didn't try this tactic. I cannot say they were very actively trying to prevent this. Three months of rent behind means they fail to pay the rent since the end of December, so they knew they were subject to this by February.
Yes, exactly, hard to understand -- almost like they gave up. Wonder if they actually own the inventory in the store.
It is located just south of downtown, right at the start/finish line of most of Austin's races, and right on Lady Bird Lake, which is where the most popular running trail in town is located. They have been there for years. I suspect that the rent creeped up on them over time as Austin grew.
Also, they had some serious competition move in over the past couple of years. Luke's Locker, which is a running store from Houston, opened a location in downtown Austin. A
Upcoming:
July 27 - San Francisco marathon