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FAO Schwarz toy store in midtown Manhattan to close

The FAO Schwarz toy store in midtown Manhattan will close July 15 due to rising rent.

May 19, 2015

The FAO Schwarz toy store in midtown Manhattan, made famous in part for its inclusion in the movie "Big" starring Tom Hanks, will close July 15 this year due to rising rent, Bloomberg Business is reporting. Toys "R" Us Inc., which owns the store in the heart of Fifth Avenue, said it is looking for another Manhattan location.

While FAO Schwarz seeks another location, a line of toys with the FAO Schwarz name will be sold in Toys "R" Us stores and online. The company is trying to find jobs for the store's 200 employees at its other shops in the region after the July closing, according to the Bloomberg report.

"The company is committed to the FAO Schwarz brand and growing its legacy," Toys "R" Us said in an e-mailed statement to Bloomberg. "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."

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