For the past several years Toys ‘R’ Us (which acquired FAO Schwarz in 2009) has been reviewing its lease renewal options for the FAO Schwarz Fifth Avenue location. In working with the property owner, the company was able to agree on an early exit in advance of the 2017 lease expiration. FAO Schwarz Fifth Avenue will close July 15.
The three-level, 45,000-square-foot space is a popular tourist destination and has made cameos in multiple movies most notably the 1988 movie
, starring Tom Hanks.
Toys 'R' Us is actively looking for a new space for FAO Schwarz in Midtown Manhattan to re-open the flagship and plans to place as many current employees as possible in TRU and Babies ‘R’ Us locations in the greater New York/New Jersey area.
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