Toys 'R' Us Acquires FAO Schwarz

FAO Schwarz, the iconic American toy retailer, will once again have a new owner. It was announced today that Toys 'R' Us will be the new owner of FAO Schwarz. According to reports, Toys 'R' Us will keep the flagship Manhattan and Las Vegas FAO Schwarz locations open, but will shut down the FAO Schwarz departments in Macy's department stores. Further plans for the FAO Schwarz brand at this time are unclear. Find out more in Toys 'R' Us Acquires FAO Schwarz in Bloomberg News.