The Neiman Marcus department store in Plano is slated to close, the company said Thursday.

Saks Global , the parent company of the Dallas-based Neiman Marcus, announced that it has sold the store's property at The Shops at Willow Bend to the mall's developer. The location will remain in operation until January of 2027, according to a news release.

"The sale was a mutual decision that allows the developer to bring its vision for the area to life, building on the retail foundation with the introduction of new residential, dining and entertainment uses," a Saks Global spokesperson said in a statement.

The mall's developer is Dallas-based Centennial, which manages more than two dozen malls and shopping centers around the country.

Saks Global said it is committed to treating the employees

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