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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 at the Willow Bend location "with respect and fairness," and will offer them positions at other stores or separation packages.

There are no plans to close other stores at this time, the company said.

The Neiman Marcus at Willow Bend will be the second location to close in the store's hometown.

The flagship Downtown Dallas location is slated to close for good after the upcoming holiday season. Originally, the store was going to close on March 31, but the closure was delayed.

The City of Dallas owns the land under the downtown Neiman Marcus location. The family originally owned the land donated it to the city earlier this year in an attempt to save the store.

Saks Global said Thursday it is "continuing to work in collaboration with the City of Dallas on a potential reimagination of the Neiman Marcus Downtown Dallas store."

The company is also in the middle of a $100 million renovation of the Neiman Marcus at NorthPark Center mall.

Neiman Marcus to close location at The Shops at Willow Bend in Plano