Neiman Marcus still plans to close its flagship downtown Dallas store, despite a deal that donated the land to the city.
Saks Global, Neiman Marcus' owner since last year, told plans to close the store had not changed hours after a possible deal was announced.
The City of Dallas, Dallas Economic Development Corporation, Downtown Dallas Inc., and real estate acquirer Todd Interests said in a press release that within 24 hours they had reached an agreement with the landowners.
But it wasn鈥檛 clear at the time whether Neiman Marcus would be open to the idea 鈥� nothing had been finalized, and the stakeholders said they expected to meet with Neiman Marcus next week.
The latest news comes after a whirlwind week for the flagship.
Saks Global announced the store's closure earlier this month and said the decision came after they were notified by a landlord to terminate its occupancy.
"This location has been a beloved institution in the community for more than a century, and we are disappointed to be losing a piece of Neiman Marcus history," the statement read.
The store was set to close its doors March 31, but city and real estate officials were not ready to give up on the iconic store.
Shawn Todd, founder and chairman of Todd Interests, said during Tuesday's press conference that they were hopeful the Texas-based landlord would work to keep the business in downtown Dallas.
two groups that own the land on which Neiman Marcus sits have ties to Slaughter Partners LP, a Dallas company.
Following conversations with Stephen Rogers, the asset manager for the Slaughter family, officials reached an agreement for the land to be donated to the City of Dallas, according to a release. This donation, paired with the city's commitment to keep the land for Neiman Marcus, would secure the brand's flagship store operations.
Neiman Marcus was founded by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband, A.L. Neiman. They broke ground with a first store in 1907 at the intersection of Elm Street and North Field Street.
Following a fire a few years later, the brand opened its flagship at Main Street and Ervay Street, where it's remained ever since.
Jennifer Scripps, president and CEO of Downtown Dallas Inc., previously said losing Neiman Marcus would have been more than a store shutting down.
"It's the loss of a historic landmark, a pillar of Dallas culture, and a symbol of the vibrancy that makes our city unique," she said.
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