"We have enormous respect for the FAO Schwarz brand and for the special place it holds in the hearts of children everywhere," says Jerry Storch, chairman and chief executive officer of Toys"R"Us. "Building upon this storied tradition is a responsibility we take very seriously. We will work tirelessly to preserve the distinctiveness and integrity of the FAO Schwarz stores and brand as we grow the business and, indeed, take the brand to even greater heights."
The deal also sees Toys"R"Us managing FAO Schwarz's e-commerce and catalog operations.
"This acquisition allows us to grow our toy specialist market share and draw upon the unique strengths of both brands in developing quality products that differentiate us from our mass market competitors," says Storch. "To that end, we look forward to working together with the expanded universe of respected FAO Schwarz manufacturers
Toys"R"Us operates stores in 33 countries worldwide, as well as online destinations eToys.com, Babyuniverse.com, Toys.com and ePregnancy.com.
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