The owner of Saks Fifth Avenue said it will shut down Neiman Marcus’s century-old flagship store — just two months after acquiring its longtime luxury rival in a blockbuster merger. The swanky shop — located inside a 111-year-old,

Saks Global's challenges grow as it moves to cut costs and hold payments to vendors. Even more challenging, Saks trails in foot traffic to luxury department stores.

While the historic Neiman Marcus flagship in downtown Dallas will close, a major investment is being made to pump up the Neiman Marcus store in NorthPark Center, also in Dallas.