The owner of Saks Fifth Avenue said it would close Nieman Marcus's century flagship store just two months after acquiring its longtime luxury rival in the blockbuster merger.
The fashionable shop inside the 111-year-old nine-story Renaissance Revival Tower in downtown Dallas will close on March 31 due to a “condition beyond our control.” Post.
With a strange twist, sources close to the situation say that Sax Global, who won Neiman Marcus on a $2.6 billion deal in December, has seen multiple landlords on the building on top of the property beneath the store's down escalator I became static with one of them.
“If you don't access this, you won't be able to provide the level of service that customers know about and love about Neiman Marcus,” a source close to Neiman told the Post.
According to sources close to the situation, the down escalator landlord, which occupies a 2,500-square-foot sliver in the building's footprint, is Slaughter Partners LP. The massacre did not respond to requests for comment.
Metric argued that the flagship closure was not “connected to the recent acquisition of NMG,” and that the head office above the store will not be affected by the store's closure.
He added that Sachs is “disappointing that we are losing our history due to circumstances beyond our control.”
“We received a notification from the landowner to end the occupation and were forced to close this location, which came into effect on March 31, 2025,” according to the memo.
According to the memo, employees affected by the closure will be offered “transfer opportunities” to other nearby stores, including locations at the nearby North Park Mall.
Over the past two weeks, Metrick and Top Brass, including Richard Baker, executive chairman and chief executive officer of Saks Parent HBC, have visited 36 Neiman Marcus stores nationwide.
A “handful” of Neiman Marcus and Saks Fifth Avenue locations are likely to close over time, sources said.
Neiman Marcus employees have been helping with layoffs since the acquisition was announced last summer.
“There's no way we all need,” one Neiman executive told the Post. “We are all trying to focus on our work in the face of the reality that decisions will be made on merchants, planners, finance, HR, IT, legal, marketing and all other functions.”
The flagship store is not Dallas' only real estate snuff.
In 2023, Neiman Marcus went over 85,000 square feet at CityPlace Tower as part of a $5.2 million tax incentive to maintain the city's iconic retailer.
The deal calls for Neiman Marcus to maintain 1,100 jobs in Dallas, with 35% of headquarters employees being city residents. At the time, Neiman Marcus said that by the end of 2026, at least 300 new jobs would be created in Dallas.
However, CityPlace's deal was a huge failure, as “the average site usage for Dallas-based associates was only 11 days or about 4%,” according to Saks Global.
This month, Saks Global sent a lease termination notice to CityPlace landlord NexPoint. This challenges the rights of the company.
“I don't think their lease will allow such termination,” Nexpoint said in a statement.
The unlucky CityPlace deal was cut by former CEO Jeff Roy Van Remdonk. He sold the Dallas Mansion and moved to Manhattan in 2023, leading Neiman's top executive escape from the city.
Another hub at 5 Bryant Park in Manhattan will be closed as Sachs Global will integrate its headquarters in downtown Manhattan's Brookfield office.
Office closures occur as the high-end industry is struggling. Saks told the vendor on February 14 that it will make past payments in installments starting in July, with all new orders being paid within 90 days.
“We are aware of the challenges of last year and are now providing the clarity and certainty that our brand partners are looking for and deserve,” Saks Global said in a statement. “All of our partners are paid for what they owe.”
When Baker and Metric left the Dallas flagship, they took the golden paintings of retailer founder Stanley Marcus.
Now it's hanging in Baker's Manhattan office, Sachs officials confirmed.
“A longtime Stanley fan, Richard saved the painting and shipped it to his Brookfield office in New York, allowing some of the history and culture of Neyman Marcus to be represented at Sachs Global's headquarters.”
