Toys R Us has sold the popular brand FAO Schwarz to another toy company. The new owner is ThreeSixty Group which specializes in toys and home goods.
This is a new chapter for FAO Schwarz. The popular brand has had a rough year in its storied history.
FAO Schwarz will live on
Toys R Us bought the rights to the brand in 2009, but last year it closed the flagship store in New York. This store was a tourist attraction and featured in many movies throughout the years.
Sadly, that wasn’t enough to cover the costs. So, Toys R Us closed the store in order to save money. The company did announce however that it will be looking for a new, smaller location.
It turns out, that it was looking for a new owner, too. So now, this new owner is ThreeSixty Group. It bought the rights to FAO Schwarz which was founded way back in 1862. ThreeSixty Group is based in Irvine, California.
The company owns the toy rights to several brands like The Sharper Image, Animal Planet and Discovery Kids. It announced that it will develop an entirely new toy collection specifically for the FAO Schwartz brand. The new toy collection should be ready next fall.
ThreeSixty Group also announced that it will recreate some of FAO Schwarz’s iconic store features in other retailers. Toys R Us will continue to sell FAO Schwarz branded toys until spring. Then all toys, including plush animals, will go to ThreeSixty Group.