Downtown Dallas Neiman Marcus still expected to close despite land deal
DALLAS - Saks Global says they still plan to close the Downtown Dallas Neiman Marcus, despite the settling of a land dispute.
Downtown Dallas, Inc. announced that the store's landlords intended to donate the land to the City of Dallas. City and business leaders claimed victory, saying the "transaction secures the continued operations" of the flagship store.
Saks Global responded, saying the agreement does not change the closure plans.
"Given our role in the Dallas community, we are working to schedule a meeting with the Dallas Consortium, however, at this time, our plans to close the Downtown Dallas Neiman Marcus remain in place," said a Saks Global spokesperson in a statement to FOX 4.
Downtown Dallas Neiman Marcus
The backstory:
A Saks Global spokesperson said last week that after more than a decade of negotiations, they received a notice from the landlord of the Downtown Dallas location to terminate their occupancy. The spokesperson said the landlord, the Slaughter family, was forcing them to close effective March 31, 2025.
The 99-year ground lease ended on Jan. 31, 2025 and was extended to March 31, 2025.
The original leaseholder, C.C. Slaughter, was close friends with both the Neiman and the Marcus families. For more than 99 years, the lease never received more than $400 per month.
Leaders fight to save Downtown Dallas Neiman Marcus | FULL
Dallas city leaders talk about their efforts to save the Downtown Dallas Neiman Marcus, which is set to close because of a lease dispute.
The news release on Wednesday says an agreement for the land has been reached after 24 hours of negotiation. The Slaughter family confirmed their intention to donate the land to the City of Dallas, according to the Downtown Dallas, Inc.
In July 2024, FOX 4 News reported that Saks Fifth Avenue, the parent company of Bergdorf Goodman and Saks Off 5th, was buying Neiman Marcus. The acquisition was finalized in December 2024 for $2.7 billion.
(Original Caption) Ca. 1945-1960-The Ervay Street entrance for Neiman Marcus in Dallas, TX. Two women leave, a doorman holds their packages and the door for them. They are walking towards a waiting car.
Neiman Marcus was founded in Dallas in 1907 and its name has become synonymous with high-end luxury items.
The original Neiman Marcus store was at the intersection of Elm Street and North Field Street. A year after that building was destroyed in a fire in 1913, the company opened the current location at Main Street and Ervay Street.
Neiman Marcus filed for bankruptcy protection in May 2020 during the pandemic, but exited bankruptcy later that year.
The Source: Information in this article is from Downtown Dallas, Inc., and previous FOX Digital coverage.