New York – FAO Schwarz, the storied toy emporium on Manhattan’s Fifth Ave., will shut its doors on July 15.
Owner Toys “R” Us said it opted to terminate its lease due to rising operating costs, and is instead “actively searching” for a new Midtown Manhattan site for the landmark toy store.
FAO Schwarz has resided at a number of New York addresses since its founding by the Schwarz brothers in 1862. It moved to its current location in 1986, which was famously celebrated in the Tom Hanks’ vehicle “Big.”
Toys “R” Us acquired the company in 2009.
The toy chain said it was granted an early exit by the property owner in advance of a 2017 lease expiration, which will afford it “meaningful rent savings.”
“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 retailer said in a statement.