Retail

Toys”R”Us Sells FAO Schwarz

Toys"R"Us sells off FAO Schwarz.

Toys”R”Us has sold its renowned FAO Schwarz line of toy stores to ThreeSixty Group, a California-based company that designs and sells products under the banner of retail chains Animal Planet, The Sharper Image, Blue Hat Toy Company, Black Series, Discovery Kids and Smithsonian.

Terms of the deal or the sale price were not disclosed, according to media reports.

The FAO Schwarz brand dates to 1862 and was famous for its iconic 45,000-square-foot, three-level flagship store in Manhattan across from Central Park. Toys”R”Us bought FAO Schwarz in 2009 and closed the flagship Manhattan location last year in an effort to save money.

“For over 150 years, FAO has provided a magical experience for children, and we hope to keep this tradition alive by crafting fine toys and transformative retail experiences for generations to come,” Kirk McLean, cofounder of ThreeSixty Group, said in a statement.

ThreeSixty Group also sells “curated merchandise programs” to a number of major retail chains and has product offerings that can be found in about 70,000 retail stores.

FAO Schwarz products will still be available for sale online and at brick-and-mortar Toys”R”Us locations until the fall of 2017, the two companies said in a statement announcing the sale. After that, FAO Schwarz products will be available at “select retailers” that will likely include most of ThreeSixty Group’s retail chains.

It’s also possible FAO Schwarz products will still be available at Toys”R”Us locations in the future as well.

“We would be thrilled if Toys”R”Us wanted the current and future FAO Schwarz collection,” McLean told Fortune.

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