A spokesperson for Saks Global said the situation involving the City of Dallas and Neiman Marcus is "far more complicated" than the public has been led to believe.

The news comes after Neiman Marcus' parent company Saks Global last week doubled down on plans to close the 100-plus-year-old Downtown Dallas store in March.

The City of Dallas has taken over the parcel of land, which local officials say paves the way for Neiman Marcus downtown to remain open.

Nearly a century ago, Neiman and Marcus signed a 99-year ground lease on a plot of land in Downtown Dallas owned by C.C. Slaughter, who was a close friend of both families. According to the release, Slaughter never intended to make money off of the lease, which never exceeded $400 per month. It had expired in January but was extended to March 31.

The portrait was by artist William A. Foley Jr., according to his widow, who also believes it should be returned.

The store has been a staple in Dallas for over a century, helping cement the Texas city as a global fashion destination.

Neiman Marcus will close its location in Downtown Dallas following nearly a decade of leasing disputes that a spokesperson said is "far more complicated" than it seems

A spokesperson for Saks Global says the city is trying to pressure the company into changing its plans by making ‘false and inaccurate’ statements to the media.