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.

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