FAO Schwarz Closes Manhattan Store

FAO Schwarz (New York) announced it will be closing its midtown Manhattan toy store in July, due to rising rent, reports Bloomberg Business.

Located on Fifth Avenue, this is the company’s only retail location. Its parent company, Toys “R” Us Inc. (Wayne, N.J.), plans to look for a new location. In the meantime, it will feature FAO Schwarz-branded toys in its Toys “R” Us stores and online.

“The company is committed to the FAO Schwarz brand and growing its legacy,” Toys “R” Us said in an e-mailed statement. “While we are sad to say goodbye to our current location, we are excited about the opportunity to create a new flagship location in New York City that will no doubt delight generations of children to come.”

The location, across from the Plaza Hotel, was made famous when it was featured in the movie “Big,” starring Tom Hanks.