The FAO Schwarz toy store on New York City’s Fifth Avenue will be closing its doors this summer.
The legendary NYC toy store F. A. O. Schwarz on Fifth Avenue is closing after 145 years on July 15, the New York Times reports
The company, which once had over 40 stores around the U.S., has had a rough run in the last couple of years due to rent and competition with other discount toy stores.
In a statement issued on Friday, Toys “R” Us, which owns F. A. O. Schwarz, said: “The company is committed to the F. A. O. Schwarz brand and growing its legacy.”
The iconic toy store opened its doors in 1870, and was located in another spot on Fifth Avenue from 1931 to 1986. It moved to its current location between 58th and 59th Streets and adjacent to the Apple Store in 1986.
The store is the last remaining location of the iconic toy brand.
According to TIME, FAO Schwarz is reportedly looking for a new home in New York City.
The company has reportedly looked at a basement space in the 48-story office tower at 1633 Broadway. But no deal has been signed, and it is unlikely that a new store would open before the fall of 2016.