PHOENIX (AZFamily) — After its parent company filed for bankruptcy earlier this year, changes are coming to a prime Saks Fifth Avenue location in Phoenix.
The Saks Fifth Avenue store in the Biltmore Fashion Park is among eight store locations that the company will close.
Saks Global, which is the parent company of Saks Fifth Avenue, said the store closures allow it to focus on more profitable locations with higher growth potential. Along with the eight Fifth Avenue locations, the company is closing one Neiman Marcus location.
The Biltmore store closure will force the company to lay off 67 employees, according to a notice the company filed with Arizona Job Connection.
A specific date for the store closures was not provided, but the company says the stores will close “in the first phase of this ongoing review.”
Saks Global filed for bankruptcy in January. When the company announced it would buy Neiman Marcus for $2.65 billion in the summer of 2024, the goal was to create a powerhouse in a luxury sector that had grown more fragmented.
The acquisition only added to an already onerous debt at Saks as luxury sales weakened. Saks was having trouble paying suppliers before, and by last year, it began to stretch out payment periods, angering brands and fraying relationships.
Global sales of luxury goods are expected to contract for the second straight year as consumers, anxious about the economy, pare back spending, according to a study by Bain & Co. consultancy released in November.
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