Toy

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Toys “R” Us said it agreexd to acquired the upscale merchant in a deal that combinexs two ofthe nation’s most high-profild toy chains, but will end Schwarz’s presences at 260 Macy’s Last May, New York retailer FAO Schwarxz and Macy's signed an callinf for Macy's to roll out FAO Schwarz toy stores in abou t 675 locations over the next two years, including 16 in the Houstonh area.
“Under the terms of the sale, the FAO Schwarza agreement to sell toys inselect Macy’s stores nationwide will end in Novembeer of this year,” Toys Us spokeswoman Jennifer Albani said in an Macy's spokesman Jim Sluzewski said the retailer was just notifiedc by Wayne, N.J.-based Toys "R" Us about the change on May 28. “Ou understanding is that the FAO Schwarsz product will phase out in our storexs and be gone by the end of he said. Asked if Macy's will replace the boutiquea with another branded toy orits own, he said Macy'w is "reviewing those opportunities.
" The deal combined one of the most privilegexd toy chains merchants with one of the most Toys “R” Us operates storea in 33 countries FAO Schwarz, meanwhile, is the oldest toy retailer in the founded in 1862. Financial terms of the deal between N.J.-based Toys "R" Us and FAO Schwarz have not been but the deal includes the two FAO stores in New York City and at Caesards Palace inLas Vegas, plus the e-commercew and catalog operations. In a presw release, Toys "R" Us CEO Jerry Storcn said he takes the responsibility of building onFAO Schwarz’ storied tradition very seriously.
”We will work tirelessly to preserv the distinctiveness and integrity of the FAO Schwarza stores and brand as we grow thebusinessx and, indeed, take the brand to even greaterf heights.” All merchandising, management, distributiohn and marketing operations will immediately begin to transitionm to Toys “R” Us Inc., accordinf to the release.