October 04, 2016 - 10:02 AM
NEW YORK - Toys R Us has sold its FAO Schwarz brand to ThreeSixty Group, a company that designs and sells toys, home goods and other products.
FAO Schwarz, founded in 1862, was known for its New York toy store that was a magnet for tourists who would play a tune on the store's floor piano or gawk at its large stuffed animals. But Toys R Us, which bought FAO Schwarz in 2009, shuttered the store last year to save money.
ThreeSixty said Tuesday that it plans to design a collection of toys under the FAO Schwarz brand and create in-store experiences for other retailers. ThreeSixty, based in Irvine, California, already sells products under several brands, including The Sharper Image, Animal Planet and Discovery Kids.
The company did not disclose how much it paid for FAO Schwarz.
Representatives for Wayne, New Jersey-based Toys R Us did not immediately respond to a request for comment.
News from © The Associated Press, 2016