By  on July 23, 2012

The Neiman Marcus Group Inc. will shutter its 118,000-square-foot Minneapolis store by next July.

“As it is so rare that we close a store, the difficult decision was based on a great deal of thought, and a careful study of the market,” said Karen Katz, president and chief executive officer of the luxe chain, which is owned by private equity firms TPG and Warburg Pincus.

“The store did not meet our long-term operational goals,” Katz said.

The door’s 107 workers will be offered transfer opportunities to other stores or receive severance packages.

Situated in the Nicollet Mall, the store was opened in 1991.

After the closure there will be 41 Neiman Marcus locations.

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