Neiman Marcus to Close One Dallas Location, Renovate Another
A Neiman Marcus store in downtown Dallas is reportedly set to close on March 31 after owner Saks Global received a notice from the landlord to terminate the occupancy.
The retailer had negotiated with the landlord for more than a decade and is “disappointed” to lose the location, FOX 4 reported Tuesday (Feb. 18), citing an email from a Saks Global spokesperson.
The spokesperson said the company will offer affected employees transfers to other Neiman Marcus locations, where possible, and will offer separation packages to those who are eligible, according to the report.
In addition, Neiman Marcus announced its plans for a $100 million renovation at another Dallas location, NorthPark, per the report.
“Dallas is an important market for us, and we remain highly committed to upholding Neiman Marcus’ legacy there,” the spokesperson said in the report. “We see a long-term opportunity to invest in our Dallas shopping experience, and look forward to serving customers at our other locations.”
Saks Global completed its acquisition of Neiman Marcus Group in December after announcing its plans to acquire the company in July.
The acquisition brought together the luxury retail brands Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks Off 5th, with each continuing to operate under its own brand.
The deal also brought together Saks Fifth Avenue and Neiman Marcus flagship properties with a gross asset value of $7 billion, which are included in Saks Global Properties & Investments.
Saks Global’s acquisition of Neiman Marcus Group was part of a trend toward strategic partnerships in the luxury goods market, PYMNTS reported in October.
Saks Global entered another significant collaboration with Authentic Brands Group when the companies launched a joint venture called the Authentic Luxury Group (ALG), which seeks to redefine luxury across sectors from fashion to hospitality.
It was reported Friday (Feb. 14) that Saks warned its suppliers that it may take some time to get paid. The retailer said it would pay for new orders within 80 days of receipt and whole past-due payments would be covered in 12 installments beginning in July.
The news followed reports from last summer that the company had missed hundreds of vendor payments.
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