Department store news

Neiman Marcus owner files bankruptcy, leaving Dallas stores' fate unclear

The fate of the Neiman Marcus flagship in downtown Dallas is up in the air.

Neiman Marcus

The fate of stores operated by Saks Global, parent company of the Dallas-based Neiman Marcus luxury retail chain, is up in the air following its bankruptcy filing on January 13 in U.S. Bankruptcy Court in Houston.

For the time being, all of the roughly 160 stores under the Saks Global umbrella, including Neiman Marcus’ 36 locations, will remain open. Seven of Neiman Marcus’ stores are in Texas, including four in Dallas-Fort Worth.

The more than $2 billion in debt that Saks Global amassed to acquire Neiman Marcus in 2024 helped push the company into bankruptcy court. According to The Wall Street Journal, Saks Global is the highest-profile department store chain to file for Chapter 11 bankruptcy since the pandemic.

As part of its Chapter 11 bankruptcy case, announced in a news release January 14, Saks Global has secured about $1.75 billion in financing to keep the company afloat and its stores open. A bankruptcy judge must approve the financing package.

In announcing the bankruptcy, Saks Global says it’s evaluating its store lineup “to invest resources where it has the greatest long-term potential. This approach reflects an effort to focus the business in areas where [our] luxury retail brands are best positioned for sustainable growth.”

Chapter 11 bankruptcy allows a business to reorganize its finances and operations. For retailers, the process can include cost-cutting moves such as closing poorly performing stores.

Effectively immediately, Geoffroy van Raemdonck has taken over the CEO role at Saks Global — following the recent departures of CEO Marc Metrick and his short-time successor, Richard Baker. Van Raemdonck, who relocated in 2023 from Dallas to New York City, was CEO of Neiman Marcus before Saks Global bought it in 2024 for $2.7 billion.

“This is a defining moment for Saks Global, and the path ahead presents a meaningful opportunity to strengthen the foundation of our business and position it for the future,” van Raemdonck says in a press release. “I look forward to serving as CEO and continuing to transform the [company] so that Saks Global continues to play a central role in shaping the future of luxury retail.”

The most notable DFW location of Neiman Marcus is the chain’s 129,000-square-foot flagship store in downtown Dallas, which the retailer owns.

Saks Global said last February that it would close the iconic store, which debuted in 1914, on March 31, 2025. But days before the scheduled closure, Saks reversed course and decided to keep the store open — at least temporarily rescuing two of the flagship’s signature features, the upscale Zodiac Room restaurant and the elegant Bridal Salon.

Here’s a list of Neiman Marcus’ seven locations in Texas:

Flagship store in downtown Dallas.
NorthPark Center in North Dallas (slated to undergo a $100 million renovation).
Shops at Clearfork in Southwest Fort Worth.
Shops at Willow Bend in Plano (scheduled to close in January 2027).
Galleria in Houston’s Uptown District.
Domain Northside in North Austin.
Shops at La Cantera in Northwest San Antonio.

The retailer’s lower-price sister, Neiman Marcus Last Call, closed most of its locations in 2020 and 2021, but five remain open. They include stores at Grapevine Mills in Dallas-Fort Worth and San Marcos Premium Outlets in the Austin metro area.

In Texas, high-end retailer Saks Fifth Avenue operates one traditional store at The Galleria in Houston and another at North Star Mall in North San Antonio, along with one appointment-only store at Fort Worth’s Bowie House and another at Austin’s Commodore Perry Estate. Across the country, Saks Fifth Avenue operates about 50 traditional and appointment-only stores.

Saks’ lower-price sister, Saks Off 5th, announced in November that it was shuttering nine locations, including its store at Gateway Shopping Center in Northwest Austin. The closures will bring the brand’s store count to 70.

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income news

This is the income it takes to be middle class in Dallas-Fort Worth in 2026

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People living in Plano are as happy as can be.

A new study tracking the upper and lower thresholds for middle class households across the nation's largest cities has revealed Dallasites have to make at least a few grand more than last year to maintain their middle class status, but in other North Texas cities, residents can make up to $291,000 and still be labeled "middle class."

According to SmartAsset's just-released annual report, "What It Takes to Be Middle Class in America – 2026 Study," Dallas households need to make anywhere from $49,549 to $148,646 to qualify as middle class earners this year.

Compared to 2025, Dallasites need to make $2,806 more per year to meet the minimum threshold for a middle class status, whereas the upper bound has stretched $8,404 higher. The median income for a Dallas household in 2024 was $73,323, the study added.

SmartAsset's experts used 2024 Census Bureau median household income data for the 100 biggest U.S. cities and all 50 states and determined middle class income ranges by using a variation of Pew Research's definition of a middle class household, stating the salary range is "two-thirds to double the median U.S. salary."

In the report's ranking of the U.S. cities with the highest household incomes needed to maintain a middle class status, Dallas ranked No. 61.

What it takes to be middle class in other North Texas cities
Six Dallas-Fort Worth cities have much higher middle class income thresholds than Dallas, SmartAsset found. Specifically, Frisco and Plano have some of the highest middle class income ranges in the country.

Frisco households need to make between $96,963 and $290,888 to qualify as middle class this year, which is the third-highest middle class income range nationwide.

Plano's middle class income range is the eighth highest nationally, with households needing to make between $77,267 and $231,802 for the designation.

Here’s what it takes to be middle class in other DFW cities:

No. 40 – Irving: between $56,566 and $169,698
No. 44 – Fort Worth: between $55,002 and $165,006
No. 57 – Garland: between $50,531 and $151,594
No. 60 – Arlington: between $49,592 and $148,77

Middle class earners in Texas
In the report's state-by-state comparison, Texas has the 24th largest middle class income range. Overall, Texas households need to make between $53,147 and $159,442 to be labeled "middle class" in 2026. For additional context, the median income for a Texas household in 2024 came out to $79,721.

"Often, the expectations that come with the term 'middle class' include reaching home ownership, raising kids, the comfort of modest emergency funds and retirement savings, and the occasional splurge or vacation," the report said. "And as the median household income varies widely across the U.S. depending on the local job market, housing market, infrastructure and other factors, so does swing the bounds on what constitutes a middle class income in America.

This is the salary it takes to be a middle class earner in other Texas cities for 2026:

No. 28 – Austin: between $60,287 and $180,860
No. 73 – Corpus Christi: between $44,645 and $133,934
No. 77 – San Antonio: between $44,117 and $132,352
No. 80 – Houston: between $42,907 and $128,722
No. 83 – Lubbock: between $41,573 and $124,720
No. 84 – Laredo: between $41,013 and $123,038
No. 89 – El Paso: between $39,955 and $119,864

smartasset finance income reports dallas fort worth frisco plano salaries

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This is the income it takes to be middle class in Dallas-Fort Worth in 2026