Neiman Marcus to Close First Store in Seven Years

High-end department store chain The Neiman Marcus Group Inc. said Monday it is closing a store for the first time seven years, in Nicollet Mall in Minneapolis, next summer.

The store opened in 1991 and will close July 2013.

Luxury retailers have fared better than others during the economic turmoil of recent years. Neiman Marcus, which sells items like $1,000 shoes and $3,000 handbags, reported in May its fiscal third-quarter profit grew 35 percent, as stronger consumer demand allowed it to cut back on discounts.

The last time Neiman Marcus closed a store was in 2005, in Houston.

Neiman Marcus said the store "did not meet our long-term operational goals." The location's 107 staffers will be offered transfer opportunities to other stores or will get a severance package.

Dallas-based, privately held, Neiman Marcus operates websites and 42 stores under its namesake as well as one Bergdorf Goodman location in New York.

Copyright AP - Associated Press
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