Last FAO Schwarz Store To Close; May Move Elsewhere
NEW YORK (CBSNewYork/AP) -- The last remaining FAO Schwarz retail store, on Fifth Avenue, will soon be closing.
FAO Schwarz parent company Toys 'R' Us announced Friday that effective July 15, will close the 45,000 square-foot store at 767 Fifth Ave. in the General Motors Building.
But the closure does not necessarily mean the end of the FAO Schwarz branded store. The company said Friday it is looking for another space in Midtown, CBS News reported.
The New York Times reported Friday that the company has reportedly looked at a basement space in Paramount Plaza, 1633 Broadway.
FAO Schwarz says it is the oldest toy store in the U.S., as it has had a location in New York City since 1870. The Fifth Avenue location opened in 1986, CBS News reported.
In a statement provided to CBS MoneyWatch, spokeswoman Linda Connors said, "For the past several years, Toys 'R' Us has been reviewing its lease renewal options for the FAO Schwarz Fifth Avenue location, and one of these options was to not renew the lease agreement, which the company has decided to do."
Connors also said the company "is working diligently to place as many full- and part-time team members as possible at Toys 'R' Us and Babies 'R' Us locations in the greater New York/New Jersey area."
The location features a candy store, numerous specialty toy departments spread across three levels, and personal shoppers.
It has been featured in several movies, including the 1988 fantasy classic "Big" -- where Tom Hanks, portraying a 12-year-old boy in a 30-year-old man's body – played "Heart and Soul" and "Chopsticks" by dancing on its large foot-operated piano.
The store was also featured in the movies "Big Business" and "Baby Boom," and in Woody Allen's "Mighty Aphrodite."
Toys 'R' Us, of Wayne, New Jersey, has been privately held since 2005. It bought the FAO Schwarz brand in 2009, CBS News reported.
At one time, there were 40 FAO Schwarz stores around the U.S., but all have closed in recent years except the Fifth Avenue location, the Times reported.
Toys 'R' Us also plans to move out of its flagship store at 1514 Broadway in Times Square at the end of next year, the Times reported.
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