Luxury retailer Saks Global has announced plans to close the Neiman Marcus flagship store in downtown Dallas on 31 March following orders from an unnamed landlord.
The luxury department store has been situated in downtown Dallas since 1914 and is a Dallas cultural institution and official historical landmark.
A spokesperson for Saks Global said: “After more than a decade of negotiations, we received a notice from a landlord to terminate our occupancy.
“This location has been a beloved institution in the community for more than a century, and we are disappointed to be losing a piece of Neiman Marcus history.”
The fashion retailer will offer current employees severance packages and application opportunities to other locations.
Despite the closure, the company announced plans to invest $100 million into renovating the Neiman Marcus anchor store at the NorthPark Center mall in Dallas.
Saks Fifth Avenue parent company Hudson’s Bay Company acquired Neiman Marcus Group for $2.7 billion at the end of December 2024 as a part of its business expansion plans.
Following the acquisition, it consolidated its portfolio to form Saks Global, a large-scale luxury retailer.
Richard Baker, HBC’S CEO commented: “We’re thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman.
“This is an exciting time in luxury retail, with technological advancements creating new opportunities to redefine the customer experience, and we look forward to unlocking significant value for our customers, brand partners and employees.”
Neiman Marcus was founded in Dallas, Texas in 1907 and currently has 26 locations in the US.
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