Neiman Marcus to Close Downtown Dallas Store After Over 100 Years
The iconic Neiman Marcus store in Downtown Dallas will close its doors for good on March 31, marking the end of an era for the luxury retailer. The store has been a staple in the city’s fashion landscape, shaping culture and community since its founding in 1907.
Why is it Closing?
Neiman Marcus was acquired by Saks Fifth Avenue’s parent company, Saks Global, last year. In a statement, Saks Global cited a landlord’s decision to terminate the occupancy, effectively forcing the closure of the location. However, an internal memo from CEO Marc Metrick disputes this, stating that the closure is not related to the acquisition.
When will it Close?
The store will shut its doors on March 31.
What Happens to Employees?
According to Metrick’s memo, transfer to other nearby locations will be offered where possible, while other eligible employees will be offered severance packages.
Are the Corporate Offices Affected?
No, the corporate offices above the store are not affected. However, the company’s corporate headquarters at Cityplace Tower were closed on Monday as a cost-saving measure.
What are Saks Global’s Plans for North Texas?
Saks Global plans to invest $100 million into the NorthPark Center Neiman Marcus, aiming to offer a new level of luxury fashion and service at one of its premier store locations.
How Long has Neiman Marcus been on Main Street in Downtown Dallas?
The first Downtown Dallas store was founded in 1907, making the brand a presence in the city for about 118 years. A fire destroyed the first store, and the current location was opened in 1914.
Other News
- Fabrics retailer Joann is set to close all stores, with more than a dozen North Texas locations affected.
- JCPenney parent Catalyst Brands is cutting 5% of its corporate staff after a recent merger.
- The Dallas fashion world is reeling from the news, with readers expressing sadness and concern about the impact on the community.
Letters to the Editor
- Readers are sharing their thoughts on the closure of Neiman Marcus and the layoffs at Southwest Airlines, as well as their opinions on stopping Doonesbury on Sundays and discussing traffic and more in Dallas.
FAQs
Q: Why is Neiman Marcus closing its Downtown Dallas store?
A: The store was acquired by Saks Global, and a landlord’s decision to terminate the occupancy led to the closure.
Q: What happens to employees?
A: Transfer to other nearby locations will be offered where possible, while other eligible employees will be offered severance packages.
Q: Are the corporate offices affected?
A: No, the corporate offices above the store are not affected. However, the company’s corporate headquarters at Cityplace Tower were closed on Monday as a cost-saving measure.
Q: What are Saks Global’s plans for North Texas?
A: Saks Global plans to invest $100 million into the NorthPark Center Neiman Marcus, aiming to offer a new level of luxury fashion and service at one of its premier store locations.
