Saks Attempting to Keep Dallas Neiman Marcus Open

Saks Global wants to keep its Downtown Dallas Neiman Marcus store at 1618 Main Street open for a little bit longer.

Saks originally announced that the store would be closing in February 2025. The company filed for Chapter 11 bankruptcy in January 2026 following a missed $100 million interest payment, according to the Dallas Business Journal. Saks bought Neiman Marcus for $2.7 billion in 2024, and still retains over a billion in debt from the purchase. The company has been sued multiple times by some of their vendors for delayed payments, according to the outlet.

When Saks announced the Downtown Dallas location would close, pressure from the real estate industry and city officials forced the company to keep it open through the holiday season, according to the outlet. Last fall, they extended the promise to keep the store open. That was before the bankruptcy proceedings, though, and the clock appears to be close to midnight for the property. Despite the proceedings, Saks is indicating that it wants to keep the flagship store running.

For Downtown Dallas, the Neiman Marcus store isn’t a mere nine-story luxury department store, but rather a centerpiece of a downtown that has struggled with rising interest rates and pandemic-affected office space vacancies.

The Neiman Marcus brand’s struggles are a symptom of greater struggles for Saks. Marc Metric stepped down as CEO in January, and the company appointed Ricahrd Baker. The Chapter 11 filing looms over the company, and its headquarters at Cityplace Tower is planned for closure and redevelopment.

Other Neiman Marcus-branded properties have been sold in the recent past. The Beverly Hills location at 9700 Wilshire Boulevard was sold, and the location at The Shops at Willow Bend in the Dallas suburb of Plano was sold too. The land underneath the San Francisco Union Square store was sold as well. Ashkenazy Acquisition Corporation were the buyers of the Neiman Marcus site in Beverly Hills, terms of the deal were not disclosed.

— Hunter Cooke