Neiman Marcus owner gets last-minute lifeline keep – Business News
The historic Neiman Marcus store in Dallas on Friday received a last-minute reprieve from having to close its doorways for good in a deal aimed to buy the town more time to “reimagine” a new future for the retailer’s landmark building.
City officers and Neiman Marcus owner Saks Global introduced on Friday that the division store will stay open till the top of the yr — following a weird beef over the lease that the dad or mum company had claimed was behind its determination to shutter the situation this coming Monday, as The Post completely reported.
The feud over the lease centered round a sliver of the property — which homes the unique store – beneath the down escalator of the nine-story building that was managed by one other landlord.
The century-old Neiman Marcus store is taken into account a retail icon in Dallas. LARRY W SMITH/EPA-EFE/Shutterstock
The landlord, Slaughter Partners, agreed to “donate” the ground lease to the town in a deal brokered by a consortium of Dallas business teams earlier this month.
The heated feud included accusations that Saks Global lied about its said motive for closing the beloved division store and of unfairly taking a portrait of the store’s founder, Stanley Marcus, back to its New York City headquarters.
The about-face comes after a group of Saks Global executives, together with govt chairman Richard Baker, met with Dallas officers on March 24 to hammer out a path ahead..
The historic retail icon is taken into account an anchor of the downtown space, which metropolis officers wish to revive.
Terms of the deal, together with any tax incentives the town could have supplied, to keep the store open weren’t introduced.
The short-term deal will give metropolis officers and Saks Global more time to debate potential ideas for the space, together with a “luxury retail experience, a curated art exhibition, and a fashion and event center,” in response to the assertion.
The proposals additionally embody “an incubator for fashion design and manufacturing in Downtown Dallas.”
Richard Baker, chairman of Saks Global, attended a essential assembly in Dallas on March 24. Getty Images for HBC Foundation
“We are excited that Saks Global has decided to keep Neiman Marcus open downtown, as we explore the opportunity to unlock the potential to transform downtown into an international beacon and economic engine for fashion — just as the Neiman Marcus founders intended when they opened the store more than 100 years ago,” Dallas City Manager Kimberly Bizor Tolbert mentioned in a assertion.
Marc Metrick is the chief govt of Saks Global, which acquired Neiman Marcus in a $2.6 billion deal in December. Getty Images
“We look forward to exploring what‘s on the horizon and are committed to continuing our conversations with the Saks Global team.”
Dallas officers held press conferences exterior the store in an effort to stress Saks Global to keep the store open. LARRY W SMITH/EPA-EFE/Shutterstock
The settlement retains staff at Neiman Marcus and its in style Zodiac Room restaurant employed by way of the top of they yr, in response to a source with data of the deal.
Store staff realized that their jobs had been saved – at the least quickly – Friday morning at a store-wide assembly, sources instructed The Post.
The Dallas store is taken into account a linchpin to the town’s revitalization plan. LARRY W SMITH/EPA-EFE/Shutterstock
“As we explore opportunities for the Downtown store, along with a planned renovation at the [nearby] NorthPark store, we will evaluate the opportunity to utilize both locations to serve different customer needs in the Dallas market,” Marc Metrick, chief govt of Saks Global, mentioned in a assertion.
The building is owned by Saks Global and several other different landlords who own smaller parts of the ground lease. Slaughter Partners had terminated Saks Global’s lease, sparking the store closure announcement in February.
Saks Global, which acquired Neiman Marcus in a $2.65 billion deal in December, had mentioned it had “not received any documentation regarding an agreement between Slaughter Partners and the City of Dallas, and how this new agreement would affect the property, its other owners and the store’s ability to operate.”
