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.

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,

Neiman Marcus announced Tuesday it will close its flagship store in downtown Dallas after more than 100 years. The store will close March 31st after parent company Saks Global was ordered to terminate occupancy.