Toys'R'Us to acquire FAO Schwarz

WAYNE, N.J. Toys“R”Us announced that it has acquired FAO Schwarz. Following the acquisition, the retailer will continue to operate the two FAO Schwarz retail stores, including the flagship location in New York City and a store at the Forum Shops at Caesars Palace in Las Vegas. In addition, the company will operate the FAO Schwarz e-commerce and catalog operations.

Each of these businesses will continue to operate under the FAO Schwarz name. All merchandising, management, distribution and marketing operations will immediately begin to transition to Toys“R”Us. Other terms of the transaction were not disclosed.

“We have enormous respect for the FAO Schwarz brand and for the special place it holds in the hearts of children everywhere,” said Jerry Storch, chairman and CEO, Toys“R”Us. “Building upon this storied tradition is a responsibility we take very seriously. We will work tirelessly to preserve the distinctiveness and integrity of the FAO Schwarz stores and brand as we grow the business and, indeed, take the brand to even greater heights.”

Toys“R”Us will offer employment opportunities to FAO Schwarz associates in the New York and Las Vegas stores.