Thursday, May 28, 2009

FAO Schwarz Buyout

The giant toy store chain made famous with Tom Hanks dancing on a piano in the 1988 movie "Big" is soon to be no more. FAO Schwarz has been bought out by Toys-R-Us.

Toys-R-Us will operate FAO Schwarz's flagship store in New York City where Hanks famously danced on the piano and another store in Las Vegas. FAO Schwarz has struggled for years through bankruptcies due to competition from discount stores such as Walmart and Target. The toy store will keep its catalog and website under it's name.

Toys-R-Us operates more than 1,500 stores wordwide including three here in Central New York.

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