The Neiman Marcus Group Inc. announced that it would be closing the 118,000 square foot Neiman Marcus store located in Nicollet Mall in Minneapolis, Minnesota. The store, which opened in 1991, will be closed by July 2013.
“As it is so rare that we close a store, the difficult decision was based on a great deal of thought, and a careful study of the market as we very much value the relationships we have established in this market,” said Karen Katz, President and Chief Executive Officer of The Neiman Marcus Group, Inc. “However, the store did not meet our long-term operational goals.”
The Minneapolis store employs approximately 107 associates. These associates will either be offered transfer opportunities to other stores or will receive severance packages. “We appreciate our associates for the excellent service they have provided and their dedication to making Neiman Marcus the premier luxury retailer. We are committed to making sure that all of our associates are provided assistance during this transition period,” stated Katz.
The Neiman Marcus Group, Inc. operations include the Specialty Retail Stores segment and the Direct Marketing Segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus, Last Call and Bergdorf Goodman stores.
Neiman Marcus Group Inc
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