It’s the end of an era.
F.A.O. Schwarz on New York City’s Fifth Avenue is closing its doors because rising rent prices have finally exceeded even the fiscal ability of this iconic tribute to childish fantasies.
The brand itself will not die, according to Toys R Us, which bought out F.A.O. Schwarz in 2009.
However, the corporation has yet to find a new location for the toy store, hopefully a process that won’t take too long.
“In working with the property owner, the company was able to agree on an early exit in advance of the 2017 lease expiration, providing the opportunity to realize meaningful rent savings,” the company explained in a statement on its website. “As a result, we plan to formally close the Fifth Avenue location on Wednesday, July 15.
“The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Avenue in New York City. The company is committed to the FAO Schwarz brand and growing its legacy. In fact, it is actively searching for another location in midtown Manhattan where FAO Schwarz can welcome shoppers from around the world.”
It seems, however, that wherever that may be, it will be a somewhat smaller operation, according to the company’s statement.
“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 New York City flagship store on Fifth Avenue has for decades been a “must-see” stop on the tourist route in the Big Apple for visitors from around the world.
