Saks Global To Close Stores Nationwide, Dallas Neiman Marcus Locations Await Their Fate
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Saks Global is working to reduce its national footprint, but it’s not quite clear what that means for Neiman Marcus operations in Dallas just yet.
Waves of closures have been announced as part of an ongoing turnaround plan to reposition the various brands under the Saks Global umbrella in the wake of the company’s bankruptcy filing, and so far, Neiman Marcus Downtown has been spared from the brick-and-mortar rightsizing.
The fate of the beloved historic store on Main Street has been in limbo for about a year now since a purported lease issue briefly put the location on the chopping block. Downtown stakeholders and city officials stepped in, though, and discussions to reimagine the store remain underway.
Neiman Marcus Downtown’s indefinite stay of execution followed Saks Global’s abrupt decision to shutter Neiman Marcus headquarters and walk out early on its lease at CityPlace Tower, which was tied to millions of dollars in city incentives over the duration of the eight-year agreement. It appears, though, that the city got some of that money back.
“In 2025, Saks Global terminated the prior incentive agreement tied to the CityPlace tower and repaid the $97,951 that had been paid to them under that agreement. As to the downtown store, we do not discuss pending economic development matters in the press,” a city spokesperson told CandysDirt.com.
An overhaul of Saks Global’s retail portfolio should give Dallas Neiman Marcus fans some cause for concern. It’s not just the downtown store that could end up figuring into cost-cutting plans — a promised $100 million investment into Neiman Marcus NorthPark Center might be up in the air as well.
CandysDirt.com reached out to Saks Global on multiple occasions and asked for an update on the downtown location and the status of the announced NorthPark investment. No response has been received yet, but this article will be updated upon receipt of one.
$100 million for a store upgrade sounds like a tall order under the current circumstances. As previously reported by CandysDirt.com, Saks Global filed for bankruptcy last month after missing a $100 million-plus interest payment on bonds associated with its acquisition of Neiman Marcus Group. In the weeks since, the department store holding company has been taking strategic action to shore up its position in brick-and-mortar retail by announcing store closures.
Dallas shoppers might have someone to pin their hopes on, though. Last month, Saks Global made Geoffroy van Raemdonck CEO following the resignation of Marc Metrick in the wake of the bankruptcy announcement. Van Raemdonck used to be CEO of Neiman Marcus Group before the company was acquired. Saks Global said he was appointing Neiman Marcus veterans to the senior leadership team.
“This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” said van Raemdonck. “In close partnership with these newly appointed leaders and our colleagues across the organization, we will navigate this process together with a continued focus on serving our customers and luxury brands. I look forward to serving as CEO and continuing to transform the company so that Saks Global continues to play a central role in shaping the future of luxury retail.”
The shakeup could bode well for the brand’s presence in the city, but the math would still have to work at the end of the day.
In late January, the company said it would shutter most Saks OFF 5TH and all Last Call stores while exiting the traditional off-price buying model altogether to redirect resources toward its core luxury brands. And earlier this week, Saks Global said it plans to close underperforming Saks Fifth Avenue and Neiman Marcus locations and most Fifth Avenue Club personal styling suites so it can focus on profitable stores with the highest potential for growth.
“Go-forward locations are being determined as part of the Company’s ongoing footprint optimization plan, based on a number of factors including performance and lease economics,” Saks Global said in a press release, listing eight Saks Fifth Avenue stores and one Neiman Marcus slated for closure, which was described as “phase one” of the plan.
None of the phase one closures are in Texas.
Cost-cutting followed an announcement that Saks Global secured a $1.75 billion financing commitment — $1.5 billion from senior secured bondholders and roughly $240 million from asset-based lenders.
“These actions reinforce Saks Global’s commitment to investing in areas that present the greatest potential for long-term growth and value creation for its luxury retail brands and partners,” Saks Global said in a press release. “Importantly, with the exception of the select locations commencing closing sales, the Company’s stores and ecommerce experiences across Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman are operating as usual. There are no changes to the Bergdorf Goodman operational footprint.”
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Thank you … How will Neiman Marcus get any new inventory in it”s present condition ??
Why does any of this surprise us? It’s time for Dallas to brace for the day when Neiman’s is no longer in the picture. I understand the brand is a defining part of our past, but Dallas is synonymous with much more than a luxury retail chain. This is no longer your mother’s Neiman’s, where Fortnight was a right of passage, and lunch at the Zodiac Room was a must. The service isn’t what it used to be, and the product assortment has been lacking for years. In all of the reporting I’ve seen, the smartest thing I’ve read about is the decision to shutter the off-price locations and focus on what they do best, or used to. Looking ahead, Dallas needs to be firing on all cylinders – and perhaps it is – to figure out a future without Neiman’s or AT&T.
I can’t believe they would close Northpark…that store must make money.
Where would I shop?
Korshak? 4510?