Saks Global's challenges grow as it moves to cut costs and hold payments to vendors. Even more challenging, Saks trails in foot traffic to luxury department stores.

Neiman Marcus shuttered its gigantic three-floor office in Dallas as a cost-cutting measure by owner Saks Global. The Dallas-based luxury department store chain has been a mainstay in the area and even received $5.

Herbert Marcus Sr., his sister, Carrie Marcus Neiman, and her husband A.L. Neiman opened the retailer's first store in Dallas, Texas, in 1907.