Saks Fifth Avenue, the anchor tenant at Biltmore Fashion Park, is shutting its doors. The 92,000-square-foot store opened in 1995 and has anchored the center for 30 years. The closure is due to the iconic retailer’s recent announcement that it has filed for Chapter 11 bankruptcy. The Phoenix Business Journal reports the company is planning an “everything must go” sale at the Biltmore store and seven other Saks locations across the country.

Its closure will be the first major anchor to shutter at the Biltmore after Red Development acquired the property in 2024.

Saks is seeking to sell the other two locations at the Phoenix Premium Outlets in Chandler and the Promenade Shopping Center Scottsdale.  Saks has brought on A&G Real Estate Partners to consider offers for its locations around the country and in the Valley.

It’s store in Scottsdale Fashion Square will remain open for now.