AN ICONIC department store may u-turn on plans to close after a key deal was struck between its parent company and the city.
The owner of the flagship store in Downtown Dallas reached the deal as its 99-year lease is set to expire nearly a century later.
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Neiman Marcus’ parent company Saks said despite the deal, plans to close the beloved location have not changed.
A spokesperson said: “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.”
A meeting between Saks and Dallas city officials is set to take place next week.
The Dallas officials announced that a parcel of land the building is on will be donated to the city when the store’s lease expires on March 31.
The coalition of officials are “committed” to keeping Neiman Marcus’ operations afloat.
The city said: “When ground leases expire, there is no dispute.
“All the ground leases under the Neiman Marcus building were affirmed during the company’s bankruptcy. They all have longevity. All except one, the Slaughter lease.”
Nearly a hundred years ago, Neiman and Marcus signed a 99-year ground lease on a plot of land in Downtown Dallas owned by C.C. Slaughter, who was a close friend of both families.
The lease expired in January but was extended to March 31 this year.
City manager Kimberly Tolbert said: “This kind of vision and cooperation between the real estate community, Downtown stakeholders, and longtime passionate Neiman Marcus customers have been the driving force motivating us for the betterment of our city.”
She continued: “We are committed to ensuring that the flagship Neiman Marcus store in Downtown is open for many years to come with no barriers related to this land lease.”
