Toy industry giant Toys “R” Us announced the acquisition of the iconic FAO Schwarz early Thursday, May 28. Terms of the acquisition were not disclosed.
In a press release, Jerry Storch, Chairman and CEO of Toys “R” Us says of the acquisition, “We have enormous respect for the FAO Schwarz brand and for the special place it holds in the hearts of children everywhere.”
Toys “R” Us will takeover operation of the store in New York City, the Las Vegas store, as well as all e-commerce and the FAO Schwarz catalogue. All FAO Schwarz entities will retain the brand name.