BLOOMBERG: The FAO Schwarz toy store in midtown Manhattan will close in July because of rising rents, leaving the 153-year-old brand without a retail outlet.
Toys “R” Us Inc., which owns the store in the heart of Fifth Avenue across from the Plaza Hotel, said it’s looking for another Manhattan location for the shop. A new outlet could open in late 2016, a person familiar with the situation said.
While the company seeks another location, a line of toys bearing the FAO Schwarz name still will be sold in Toys “R” Us stores and online. The company also is trying to find jobs for the store’s 200 employees at its other shops in the region after the July 15 closing… (more)