Owner Toys R Us announced the decision in May, citing costs.
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Tom Hanks and Robert Loggia danced on top of the store’s large floor piano, hitting the keys to classics like “Heart & Soul” and “Chopsticks”, in the Penny Marshall-directed film about a 12-year-old boy who magically wishes to be “big” and winds up in the body of an adult man.
The toy store hasn’t always been on Fifth Avenue.
Toys R Us says it is actively looking for a new location for the store. (Photo by Jackson Lee/Star Max/FilmMagic) NEW YORK, NY – JULY 28: Miranda Kerr and son Flynn Bloom arrive to FAO Schwarz on July 28, 2013 in New York City.
FAO Schwarz has operated in Manhattan for almost a century and a half, spending the past 29 years in the General Motors Building.
Throughout the years, the 153-year-old store has become embedded in popular culture.
Outside the store, families rushed to pose with its famous soldiers, dressed in red and black, who stand sentry at its doors.
The iconic toy store F.A.O.
“It doesn’t have the same feel, and the same as the name FAO Schwarz”.
No reason was given for the closing- or the move- but real estate experts say the rent in its current home could be as much as 15-million dollars a year.
But hard times were about to fall upon the retailer – FAO filed for bankruptcy twice shortly after the acquisition. “It solidifies Toys “R” Us as the leading specialty toy retailer in the nation, and it adds a jewel in their crown – they will get more specialty brands”.
During its more than 150-year history, FAO Schwaz has resided at several different addresses around New York City.
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In May 2015, Bloomberg reported FAO would shut down its flagship location, citing high rents as a major source of trouble.
