FAO Schwarz is closing its famous toy store in midtown Manhattan as a result of rising rents, Bloomberg reports.
The store, known for its giant toy piano, is a major tourist destination made famous by the 1988 movie “Big” starring Tom Hanks.
The closure will leave the 153-year-old brand without a physical store.
Toys “R” Us, which owns the store, said it’s seeking another location for the shop, according to Bloomberg.
FAO Scwarz-branded toys will still be sold by Toys “R” Us.
“The company is committed to the FAO Schwarz brand and growing its legacy,” Toys “R” Us said in a statement to Bloomberg. “While we are sad to say goodbye to our current location, we are excited about the opportunity to create a new flagship location in New York City that will no doubt delight generations of children to come.”
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