What Really Happened Between Bayers and Settergren?
One Linden Hills hardware store is going out of business in Sept., while another thrives.
When Bob Bayers announced a few weeks ago that he was closing his hardware store in the heart of Linden Hills, everyone knew why: he was out-competed. A little less than a year ago, Mark Settergren opened the doors on an expansion of his Armatage store, Settergren's Ace Hardware, in the former Linden Hills Coop building. Facing a store twice as big as his Bayers Do It Best, Bayers had an uphill battle that will end Sept. 1 when the store closes.
But what really happened in 2011, before Settergren moved in? Rumors have since swirled about buyouts gone sour and behind-the-scenes maneuvering, but the full story always remained murky. Now, Twin Cities Business Magazine has done some digging, and put the details together.
According to the publication, Settergren's beat out several bidders to fill the former coop space, and offered a buyout that Settergren thought was generous and Bayers thought was too low.
"My family said it would not be right for me to roll over at (that) point," Bayers told the magazine. "My dad didn’t raise me that way.”