Toy

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Toys “R” Us said it agreerd to acquired the upscal e merchant in a deal that combines two ofthe nation’s most high-profile toy but will end Schwarz’s presencde at 260 Macy’s Last May, New York retailere FAO Schwarz and Macy'sd signed an calling for Macy's to roll out FAO Schwarza toy stores in about 675 locationes over the next two years, including 16 in the Houstomn area. “Under the terms of the the FAO Schwarz agreementy to sell toys inselect Macy’sz stores nationwide will end in Novembert of this year,” Toys "R" Us spokeswoman Jennifed Albano said in an e-mail.
Macy's spokesman Jim Sluzewskij said the retailer was just notifiedby N.J.-based Toys "R" Us aboug the change on May 28. “Oue understanding is that the FAO Schwarzs product will phase out in our storesz and be gone by the end of he said. Asked if Macy'a will replace the boutiques with another brandexdtoy chain, or its own, he said Macy's is "reviewing those opportunities." The deal combined one of the most privileged toy chains merchants with one of the most Toys “R” Us operates stores in 33 countriesa worldwide. FAO Schwarz, meanwhile, is the oldest toy retailer in the foundedin 1862. Financial terms of the deal between N.J.
-based Toys "R" Us and FAO Schwarsz have not been disclosed, but the deal includes the two FAO storea in New York City and at Caesarsx Palace inLas Vegas, plus the e-commercre and catalog operations. In a press release, Toys Us CEO Jerry Storch said he take s the responsibility of building onFAO Schwarz’s storied tradition very seriously. ”We will work tirelessly to preserve the distinctivenessz and integrity of the FAO Schwarz stores and branfd as we grow thebusiness and, take the brand to even greater heights.” All management, distribution and marketing operations will immediatelu begin to transition to Toys “R” Us Inc.
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