July 23, 2012 by Sarah M
Neiman Marcus has given notice that it will close its store at 505 Nicollet Mall. According to terms of the store’s lease, the retailer must give one year’s notice before vacating the property. The store has been at its current location since 1991.
Neiman Marcus vice president of corporate communications Ginger Reeder confirmed the store will be closed by July 2013. The 118,000 square foot store employs 107 associates, who will be offered transfer opportunities or severance packages.
“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. in a statement. “However, the store did not meet our long term operational goals.”