Time For A Toon-Up

According to retail real estate brokers, Warner Bros. is backing out of a long-term lease and closing its 57th Street New York flagship.

The largest of the Warner Bros. Studio store chain, the 75,000 square-foot unit on the northeast corner of Fifth Avenue and 57th Street, is said to occupy one of the world's most expensive and sought-after retail locations.

When the store opened in October 1993, it was an instant hit. In 1996, to accommodate public demand, the store was increased from 30,000 square feet to 75,000, and from three to nine floors. But after the expansion, sources say, productivity on the flagship's higher levels decreased, and focus was spread thinly with Warner Bros. running another store in Times Square.

Warner Bros. reportedly backed out of its lease despite several remaining years.