Saks Global to shutter Neiman Marcus Dallas flagship March 31
Rumors of the Neiman Marcus downtown Dallas store avoiding closure are greatly exaggerated.
Saks Global, which finalized its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion in December 2024, is reiterating its intention to close the Neiman Marcus Dallas flagship on Monday, March 31, 2025.
In response to media reports that the city of Dallas and flagship store landlords Slaughter Partners had reached an agreement to keep the store open, Saks Global issued a public statement clarifying that no deal has been reached and closure plans remain on schedule.
Saks Global said that as early as 2011 and as recently as December 2024, there have been several attempts to come to a “commercially reasonable” agreement with Slaughter Partners, and previous Neiman Marcus Group leadership had asked the city of Dallas for assistance in negotiations in November 2024.
According to Saks Global, none of these efforts has resulted in an agreement to keep the store open and Slaughter Partners is terminating Neiman Marcus’ occupancy of the space upon the March 31 expiration of its lease.
"The claims that the store will remain open are misleading for the Dallas community, our store employees and our brand partners," said Ian Putnam, CEO of Saks Global Properties and Investments. "Saks Global inherited this lease issue from Neiman Marcus’ previous owners and worked in good faith to come to an agreement with the landlord, who chose to terminate our occupancy."
Saks Global said that Dallas continues to be a top market for Neiman Marcus and that customer data indicates the “overwhelming majority” of the Dallas Neiman Marcus customer base prefers to shop at its NorthPark store. The company plans to undertake a $100 million renovation of the NorthPark location.
Dallas flagship employees impacted by the closure are being offered transfer opportunities to nearby Neiman Marcus stores where possible and those who are eligible have been offered separation packages.
With the closing of the Neiman Marcus Group acquisition deal, which was first annnounced by Saks parent HBC in July 2024, the Saks Global umbrella now includes Saks Fifth Avenue, Saks Off Fifth, Neiman Marcus and Bergdorf Goodman, with each banner “continuing to serve customers under their own brand,” the company said.
[READ MORE: Parent company of Saks to acquire Neiman Marcus in blockbuster deal]
Neiman Marcus currently operates 36 stores, two Bergdorf Goodman stores and five Last Call off-price outlet. There are 39 Saks Fifth Avenue stores and 95 Saks Off 5th locations, as well as well as Saks.com online business.
