Fermentation involes pathways to restore the NAD^+ that was changed to NADH during glycolysis. If there is no pathway, glycolysis would stop and the net 2 ATP it produces would no longer be available.
If oxygen is available and the enzymes, structures are available as in a mitochondria, NAD^+ can be returned and lots of ATP made. Without oxygen (this is the meaning of anaerobic), fermentation must occur. In yeasts, it likely produces alcohol. In muscles it produces lactic acid from a different set of enzymes. The total anaerobic respiration cycle would then be glycolysis to fermentation back to glycolysis without entering into any of the aerobic pathways found inside a mitochondria or the folded membranes of the organism.