The iconic FAO Schwartz toy store in New York is set to close in July as a result of soaring rent prices.
The departure from the mid-Manhattan store on Fifth Avenue that employs 200 staff members, will leave the company without a bricks and mortar presence as it seeks a new, more affordable location.
However Toys R Us stores and its website will continue to stock a number of items that bear the FAO Schwartz branding.
“The company is committed to the FAO Schwarz brand and growing its legacy,” Toys ‘R’ Us said in a statement. “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.”
It has been speculated that a new FAO Schwartz outlet could be opened by next year.
The current store is most famously known for being the location in which Tom Hanks plays Chopsticks with Robert Loggia in the 80s comedy, Big (see video above).