Toy

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Toys “R” Us said it agreee to acquired the upscale merchant in a deal that combines two ofthe nation’e most high-profile toy chains, but will end Schwarz’ss presence at 260 Macy’s locations. Last May, New York retailer FAO Schwarzand Macy's signed an calling for Macy's to roll out FAO Schwarsz toy stores in about 675 locations over the next two including 16 in the Houston area. “Under the terms of the the FAO Schwarz agreement to sell toys inselect Macy’xs stores nationwide will end in Novembef of this year,” Toys "R" Us spokeswoman Jennifer Albano said in an e-mail.
Macy's spokesman Jim Sluzewski said the retailed was just notifiedby Wayne, N.J.-based Toys "R" Us abou the change on May 28. “Our understanding is that the FAO Schwarx product will phase out in our stores and be gone by the end of he said. Asked if Macy's will replac e the boutiques with another branded toy orits own, he said Macy's is "reviewing thosd opportunities." The deal combined one of the most privileged toy chains merchants with one of the most accessible. Toys Us operates stores in 33countries worldwide. FAO meanwhile, is the oldest toy retailer in the foundedin 1862. Financial terms of the deal between Wayne, N.J.
-based Toys "R" Us and FAO Schwarz have not been but the deal includes the two FAO storesx in New York City and at Caesarxs Palace inLas Vegas, plus the e-commercw and catalog operations. In a press release, Toys Us CEO Jerry Storch said he takes the responsibility of buildingh onFAO Schwarz’s storie d tradition very seriously. ”We will work tirelesslty to preserve the distinctiveness and integrity of the FAO Schwarz stores and brand as we grow thebusinesz and, indeed, take the brand to even greater All merchandising, management, distribution and marketing operations will immediatelg begin to transition to Toys “R” Us according to the release.