The rising rents in Midtown Manhattan have caused the iconic toy store FAO Schwarz to shut down in July. FAO Schwarz is a 153 year old brand and after shutting the operations of its Manhattan store, it has become a brand without any retail outlet.
The owner of the store, Toys R U’s said that it is looking for another location for the shop in Manhattan. The new outlet could come into effect by late 2016. The brand FAO Schwarz is quite popular among people and while the owners are looking for a new location for the store, the line of toys bearing the name of FAO Schwarz will be sold on Toys R U’s stores and online.
The company has vowed to find jobs for the 200 employees who worked at the store at the other shops of the company. This would be done before July 15 closing.
According to Toys R U’s, “The company is committed to the FAO Schwarz brand and growing its legacy, 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 store was opened in the General Motors Building three decades ago and it became extremely popular after getting featured in the 1988 movie ‘Big’, where Tom Hanks and Robert Loggia displayed their dance moves on the huge toy piano kept on the floor. The piano was kept as an attraction in the store since then.
FAO Schwarz was started in the year 1862 and the location of the store has been changed many times since then. Toys R U’s took over FAO Schwarz in 2009. At the time, FAO Schwarz had a store in Las Vegas that was looking to shut down its operations when Toys R Us purchased the brand.
Toys R Us has been continuing to cut down its operational costs as it also tries to revive the sales at its stores.