Those who grew up playing with the toys from the iconic toy store FAO Schwarz today said goodbye to their childhood favorite shop with its closing due to business setbacks, Bloomberg recently reported.
But good news awaits its patrons as reports also said that the store is "looking for a new location and may re-open next year."
Bloomberg said that while the store is looking for a new location and may open its doors once again in the following year, the FAO Schwarz closing meant that the brand will not have a presence in the retail market since 153 years.
"This was probably one of the only ways to save FAO Schwarz," a toy industry analyst said in a report by Crain's New York and Business Insider. "It solidifies Toys 'R' Us as the leading specialty toy retailer in the nation, and it adds a jewel in their crown - they'll get more specialty brands."
Before the FAO Schwarz closing, the store reportedly moved from the Plaza Hotel to a location near Central Park and just adjacent to the Apple store almost 30 years ago. Since FAO Schwarz was featured in a 1988 movie starring Tom Hanks where the actor danced on the store's iconic giant toy piano spread across the floor, it grew as one of the most popular toy stores, Bloomberg added.
The toy store is widely known for its "outrageous toy collection" according to Business Insider. It had ornamented displays, actors who played as toy characters and life-sized in-store Santa Claus during the holidays.
In 2009, Toys "R" Us bought FAO Schwarz, closing a deal that made way for its Manhattan store while shutting down the Las Vegas location and boutiques in Macy's, Bloomberg reported.
Reports are giving patrons hope that it will come back soon.
According to the report, FAO Schwarz's closing does not mean it is the end for buyers to enjoy their products because items will be sold online and in Toys "R" Us stores.
Furthermore, Toys "R" Us is reportedly making considerations on moving it "into the below-ground space at 1633 Broadway, a 48-story skyscraper at Broadway and West 50th Street," according to Crain's New York Business.
