29/03/2024 11:20 AM

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Bankrupt Neiman Marcus to vacate the Hudson Yards mall in New York

The outside of The Shops at Hudson Yards, where Neiman Marcus is the anchor department store.

Source: Related Cos.

It has hardly been a year since lucky invitees danced the night away and sipped champagne throughout a sprawling new Neiman Marcus department store in Manhattan, with the opening party featuring a special performance by Liza Minnelli. 

The bankrupt department store chain is now set to vacate the glitzy Hudson Yards shopping mall on the West Side in New York City, a Thursday court filing said. 

A Neiman Marcus spokesman said the company, in its bankruptcy proceedings, is closing its Hudson Yards location for good, along with two stores in Florida — Fort Lauderdale and Palm Beach — and a location in Bellevue, Washington. 

“We are always assessing our store footprint to ensure it is optimal to enhance revenues, overall profitability, and our integrated retail strategy,” he said. “These store closures will help ensure the continued long-term success of our business and underscores our unrelenting focus on providing unparalleled luxury experiences and engagement.” 

As it relates to the Hudson Yards location specifically, which includes a number of eateries and spans multiple levels at the top of the property, he added: “A physical location in Hudson Yards is no longer an ideal space for us given the preponderance of restaurants and future office space in that mall.” 

Hudson Yards — built by two of the world’s largest real estate developers, Related Cos. and Oxford Properties Group — like many retail properties was temporarily forced shutter to try to curb the spread of coronvairus. It was an especially hard blow considering the mall had just barely opened. It has still not fully reopened, but a number of tenants are offering curbside pickup. 

Neiman Marcus, saddled with debt and hammered by the Covid-19 crisis, filed for Chapter 11 bankruptcy protection on May 7. 

Related has, meantime, recently been shopping the Neiman Marcus space for office tenants. 

“It is unfortunate that Neiman Marcus was unable to achieve the success that other retailers have found at Hudson Yards and we look forward to welcoming the designer brands who drove Neiman Marcus’ sales to their own stores in the retail center,” a Related spokesman told CNBC in an emailed statement. “This opens up a great opportunity to create incredibly attractive office space with the largest floor plates available in New York City, a private ground floor entrance, and 18 foot high ceilings at 20 Hudson Yards.” 

The Dallas Morning News first reported on the closings

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