The news out of athletic apparel company Under Armour’s latest report to investors isn’t great, but it has also taught its leaders something very important: not to depend too much on any one retailer, even if that retailer is a nationwide sporting goods chain. The company shared two important and related pieces of news today: they’re creating a line of athletic wear for department store Kohl’s, and taking over what used to be the FAO Schwarz store on New York’s Fifth Avenue. [More]
This will be the last holiday shopping season for the Toys ‘R’ Us flagship location in Manhattan, as the retailer plans to leave its 110,000-square-foot mega-store at the end of the month. [More]
The doors will close, the giant piano keyboard will fall silent and all those giant stuffed animals will lose the attention of adoring crowds when FAO Schwarz’s New York City flagship closes today. Will there be a clearance sale on ginormous tigers, or an auction of oversized musical instruments? It’s unclear, though Toys “R” Us, the owners of FAO Schwarz, says it’s looking for a new home to sell toys and bring in tourists again.
Toys R Us to buy FAO Schwarz. The venerable toy retailer and backstop for Apple’s flagship store has been owned by investment firm D.E. Shaw since filing for bankruptcy a few years ago. As part of the deal, TRU is expected to swap its Times Square ferris wheel for FAO’s giant piano keyboard. [Bloomberg]