Neiman Marcus will close its store in Boston’s Copley Place after 42 years in business. The shutdown will result in the layoff of 73 employees. The space will be redeveloped to include new luxury retail stores, an Italian food market, and a Greek restaurant.
Neiman Marcus Layoffs Set for April Following Copley Place Closure
Under the Worker Adjustment and Retraining Notification Act (WARN), Neiman Marcus employees are scheduled to be laid off between April 11 and April 30, according to a report by MassLive, . The WARN Act, filed on February 10, requires employers with 50 or more employees to provide 60 days’ written notice before a plant closing or mass layoff.
Neiman Marcus has been in Copley Place since 1984. A Greek seafood restaurant, Estiatorio Milos, and a Miami-based marketplace and dining hall, Casa Tua Cucina, will replace the retail luxury brand at Copley Place.
The redevelopment will also expand luxury brands like Fendi, Loewe, and Tourneau, the news outlet noted. The announcement of Neiman Marcus’s closure came when the brand’s parent company, Saks Global, filed for bankruptcy protection in January.
The move was supported by a financing commitment of about $1.75 billion from stakeholders
Saks Global Restructuring Includes Store Optimization
Earlier in February, Saks Global announced plans to shut down Neiman Marcus, along with eight Saks Fifth Avenue stores across the nation. The company said the move was meant to refine its store footprint and focus on locations with the highest growth potential.
As part of the efforts, the company will optimize its Saks Fifth Avenue and Neiman Marcus store locations. It will also move Horchow.com into the Home category on NeimanMarcus.com. Saks Global aims to maintain its focus on its luxury customers.
The closure of Neiman Marcus at Copley Place marks the end of a 42-year presence in Boston and highlights the broader changes occurring across the luxury retail sector.
