FAO Schwarz To Close Flagship Store

Parent company Toys R Us has announced the coming closure of the FAO Schwarz flagship store on Fifth Avenue, which was immortalized in the Tom Hanks movie Big.

The toy store, which has been a staple in New York City for 145 years and was opened in 1870, is searching Manhattan for a new location to reopen its doors at a more affordable price, according to The NY Times. Until a new location opens, customers will have to rely on online shopping or the toy store’s boutiques in Toys “R” Us, which owns F.A.O. Schwarz. “The company is committed to the F.A.O. Schwarz brand and growing its legacy,” a Toys “R” Us representative said in a statement on Friday. The longstanding brand at one time had 40 stores nationwide, but the 5th Avenue landmark, in the General Motors Building, is the last remaining location.

RELATED: Two months ago Toys R Us also announced the January 2016 closure of its own flagship store in Times Square. That location became a hot tourist destination immediately upon its opening in 1999 due in part to its three-story Ferris wheel and 25-foot animatronic T-Rex. The Times Square location has hosted high-profile launches for many video games and movie-related merchandise. Replacement tenants for the 110,000 square foot space have not been revealed.