FAO Schwarz to Close in July

The Manhattan FAO Schwarz store will close its iconic doors this July due to rising rents. Toys “R” Us Inc., which owns the 153-year-old brand, is allegedly looking for a new Manhattan location to reopen as early as late 2016, according to a person familiar with the matter. “The company is committed to the FAO Schwarz brand and growing its legacy,” Toys “R” Us told 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.” FAO Schwarz became famous for the piano dance scene in 1988 blockbuster film, Big.