Saks reiterates: The downtown Neiman Marcus store will close.

DALLAS – D Magazine reports that in a statement shared with press just before 4:30 p.m. Thursday, Saks Global reiterated that it still plans to close the downtown Dallas Neiman Marcus store at the end of March, calling any claims to the contrary “misleading.” That comes despite an announcement from Dallas leaders yesterday that the slice of land at the center of a ground lease snafu would be donated to the city. Saks initially said it would leave downtown after “a landlord” terminated Neiman Marcus’ occupancy. In today’s statement, Saks Global confirmed the landlord’s identity as Slaughter Partners.

“From as early as 2011 and as recently as December 2024, there have been several attempts to come to a commercially reasonable agreement with one of the Downtown store landlords, Slaughter Partners (Slaughter),” the statement reads. “In November 2024, previous NMG leadership contacted the City of Dallas requesting assistance in the lease negotiations, during which city officials expressed concern about the store and its continued operation. Before this meeting, previous NMG leadership also discussed purchasing a portion of the land with Slaughter’s broker; however, Slaughter would not offer a price. Despite these efforts and engaging the city, all attempts to come to a commercially reasonable agreement were rejected by Slaughter, who terminated Neiman Marcus’ occupancy upon expiration of the lease.” Saks also says it hasn’t received any documentation regarding the agreement between Slaughter and the city and feels it is unclear how the new agreement would affect the property and its other owners. The company alleges that the whole thing only became an option “after Slaughter’s attempts to increase rent were unsuccessful.” Slaughter, Saks says, continued to demand above-market rate rents. “Saks Global inherited this lease issue from Neiman Marcus’ previous owners and worked in good faith to come to an agreement with the landlord,” Saks Global Properties CEO Ian Putnam said. The company acknowledges the city leaders’ desire to keep the store open and is willing to hear them out, but it ultimately needs to make decisions based on “what’s best for the future and our long-term success.”