Luxury retailer Saks Fifth Avenue has announced it will close its long-running Phoenix store at the Biltmore Fashion Park later this year, as a part of its parent company’s effort to pare down debt and focus on its most profitable businesses.
New York-based Saks Global filed for Chapter 11 bankruptcy protection in January and has been shuttering stores across the country as part of its restructuring process.
The Saks Fifth Avenue in the Biltmore opened in 1995 and has been an anchor for the luxury shopping center for more than 30 years. The Saks store is about 92,000 square feet at the Biltmore. Its closure will be the first major anchor to shutter at the Biltmore after Red Development acquired the property in 2024…