Neiman Marcus announced Tuesday it will close its flagship store in downtown Dallas after more than 100 years. The store will close March 31st after parent company Saks Global was ordered to terminate occupancy.

Neiman Marcus has been a part of the city's identity for decades. It was founded by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband, A.L. Neiman. They broke ground with its first store in 1907 at the intersection of Elm Street and North Field Street.

The closure in downtown Dallas is not tied to the recent acquisition by Saks Global, according to an internal memo sent Feb. 18 to employees by Saks Global Operating Group CEO Marc Metrick acquired by the Morning News. Metrick in the memo blamed the closure on an inability to reach an agreement with the building's landlord.