Last week, shocking news broke that the historic Neiman Marcus flagship location in downtown Dallas would be closing after 117 years in operation. The company had been acquired by Saks Fifth Avenue just weeks prior for $2.65 billion.
In an internal memo, Saks Global CEO Marc Metrick insisted that the decision to close the flagship store along with the company’s Dallas headquarters was not based on financial performance or the acquisition, but instead a dispute with the building’s landlord.
It seemed unbelievable that a company of that size could be forced out due to a leasing dispute, and even more far-fetched that Neiman Marcus paid rent for 117 years and never bought the building itself…