Spectre Brands

GhostLuxury toy stores · New York, New York

FAO Schwarz

Founded in Baltimore in 1862. Parent bankrupt twice in 2003. Fifth Avenue flagship closed Jul 15, 2015.

Everyone wanted to own the most famous toy store in America. Nobody could make its chain of stores pay.

Why ghost: The company that ran the chain, FAO Inc., sold the name out of its second bankruptcy in January 2004, and the last original store, on Fifth Avenue, closed on July 15, 2015; the name now belongs to ThreeSixty Group, which opened a new, smaller flagship at 30 Rockefeller Plaza in November 2018 and was still running it in September 2026.822262930

Glass entrance of FAO Schwarz on Fifth Avenue with a doorman dressed as a toy soldier
767 Fifth Avenue, 2007Photo: Rob Young, via Wikimedia Commons, CC BY 2.0.
Engraving of the Schwarz Toy Bazar building at 42 East 14th Street
Union Square, 1893Scanned by the British Library, via Wikimedia Commons. Public domain.
FAO Schwarz store at Rockefeller Plaza with a queue outside
30 Rockefeller Plaza, 2025Photo: Nielsoncaetanosalmeron, via Wikimedia Commons, CC BY 4.0.

FAO Schwarz sold expensive toys from a Fifth Avenue showroom that tourists treated as an attraction, and from 1986 it tried to repeat that store in malls across the country. The Schwarz family sold out in 1963, and the business has been sold nine more times since. The buyer that mattered most was The Right Start, a small catalog retailer that bought 23 stores in January 2002 without paying cash, renamed itself FAO Inc. and filed for Chapter 11 twice in the following year. The flagship outlived it by eleven years. This page is built from the SEC filings of FAO Inc. and Toys “R” Us and from contemporary press; the years before 2001 rest on a reference history, and the page says so where that is the case.

The brand in four numbers

23
stores bought by The Right Start in January 2002, paid for with notes and preferred stock12
$104.9M
net loss of parent FAO Inc. in fiscal 2002, on net sales of $460.4M1
$40.5M
cash paid by a D. E. Shaw affiliate for the brand and two stores in January 20048
$45M
gain Toys “R” Us booked when it sold the brand in fiscal 201624

Key findings

  1. The buyer was smaller than what it bought. The Right Start had total revenues of $53.6M in fiscal 2000. Within five months in 2001–02 it bought Zany Brainy and FAO Schwarz; in fiscal 2002 those two brands were 90.9% of its retail sales.1
  2. No cash changed hands. The $35.95M purchase price for FAO Schwarz was $15.95M of notes and $20.0M of preferred stock. The deal brought in $407,000 of cash.1
  3. The flagship model did not travel. FAO Inc. closed eight of the 23 stores it had bought within 16 months “because they did not perform as well as we expected.”1
  4. Lenders and suppliers set the timetable. Suppliers stopped shipping in late 2002, and a notice of default on November 7, 2003 came 27 days before the second filing.6712
  5. The name was worth more than the stores. After 2004 only two stores survived, then one, then none. Toys “R” Us still booked a $45M gain selling the brand in 2016.82124

Post-mortem No. 024 · Every figure links to a numbered source · Derived figures, estimates and unverified claims are labeled

The story

A Fifth Avenue toy store that everybody wanted and nobody kept

FAO Schwarz was one store that worked and a chain that did not. Each new owner tried to turn the first into the second. The last attempt, in 2002, ended in two bankruptcies inside eleven months.

Chapter 1 of 6

$10.5M

paid for the company in 1985, according to a reference history

Engraving of a five-storey building with signs reading Toy Bazar, Toys & Novelties and Children’s Carriages
The Schwarz Toy Bazar at 42 East 14th Street, Union Square, from King’s Handbook of New York City, 1893. Public domain, via Wikimedia Commons (British Library scan).

1862 – 1985 · The family store and its buyers

A toy bazaar, then four owners in 22 years

Frederick August Otto Schwarz founded the business in Baltimore in 1862, six years after he arrived from Westphalia. In 1870 he moved to New York and opened the Schwarz Toy Bazaar on Broadway.1 The store moved to Union Square in 1880 and, after several more moves, to 745 Fifth Avenue in 1931.9

The Schwarz family ran it for a century. In 1963 they sold to Parents’ Magazine, which sold to W.R. Grace & Co. in 1970, which sold to Franz Carl Weber International of Zurich in 1974. By the early 1980s the chain had grown to 32 stores, some of them in hotel lobbies, and ten were closed as unprofitable. In 1985 Weber sold the company to Christiana Companies for $10.5M, when it had annual revenues of about $20M. A few months later it was bought by Christiana’s president, Peter L. Harris, and a Philadelphia investment banker, Peter C. Morse.9

This period predates EDGAR. The dates and prices in this chapter come from a single reference history, the International Directory of Company Histories, and we have not checked them against the press of the time.

Chapter 2 of 6

39

locations by 1997, according to a reference history

Film · 1986“Browsing toys and video games at FAO Schwarz in 1986” Twelve minutes of amateur video inside the store, uploaded by the channel Vampire Robot. The 1986 date is the uploader’s; if it is right, this is the year the flagship moved to 767 Fifth Avenue.933 Watch on YouTube

1986 – 2001 · The showroom and the chain

The store in the movie, and a chain built around it

On November 6, 1986 Harris reopened the flagship across the street at 767 Fifth Avenue, in a former General Motors showroom of 40,000 square feet, with a 28-foot animated clock tower in the middle.9 In 1988 the film “Big” showed its characters playing the store’s giant floor piano with their feet, and the company was “deluged with requests” for the $15,000 instrument. The company did not advertise. By 1990 sales had more than doubled, to about $50M.9

That year the Dutch retailer Koninklijke Bijenkorf Beheer (KBB) bought the company for an estimated $40M and began opening stores: “mall flagship” units of 12,000 square feet, then large stores in Orlando and Las Vegas. By 1997 there were 39 locations, and 6 million copies of the catalog went out. The same history records that by the mid-1990s profits were falling again, hurt by competition from Toys “R” Us and the discounters and by the cost of the “fanciful decorative elements” in every store.9

Vendex International took over KBB in 1998. The chief executive, John Eyler, left for Toys “R” Us in January 2000. Sales in 2000 were an estimated $197M from more than 40 stores, and by late 2001 Vendex was rumored to be looking for a buyer.9

Chapter 3 of 6

$35.95M

purchase price in the buyer’s accounts, all of it notes and preferred stock

Original illustration of a rocking horse with a price tag. Not an official asset.

Nov 2001 – Jan 2003 · The roll-up

Bought with paper by a company a fraction of its size

The buyer was The Right Start, a retailer of infant products that had begun as a catalog in 1985 and had total revenues of $53.6M in fiscal 2000.1 In September 2001 it had bought Zany Brainy, an educational toy chain, out of bankruptcy.12 On November 19, 2001 it agreed to buy FAO Schwarz in a deal the trade press put at $55M.10

The purchase closed on January 6, 2002: the Fifth Avenue flagship and 22 other stores in 14 states, the catalog and the website.1 The accounts record a purchase price of $35.95M, paid with $15.95M of subordinated notes and $20.0M of preferred stock. No cash was paid; the acquisition brought in $407,000.1 The seller, Royal Vendex KBB of the Netherlands, took the notes and the stock.110 The name itself came under a perpetual license from the F.A.O. Schwarz Family Foundation, to which the company paid royalties.1

In March 2002 The Right Start renamed itself FAO Inc. It then ran 23 FAO Schwarz, 64 Right Start and 169 Zany Brainy stores from King of Prussia, Pennsylvania.211 In the year that followed, same-store sales fell 14.7% at FAO Schwarz and 17.9% at Zany Brainy. The company blamed fewer tourists, a weak economy and empty shelves after suppliers tightened credit in the fourth quarter.1 Its lenders would not loosen their terms.12 On January 13, 2003 it filed for Chapter 11 in Delaware.1

All three brands cater to the same affluent customer, yet each brand focuses on a different product offering and a different positioning with this customer.

Jerry R. Welch, chief executive of FAO Inc., on the name change, March 200211

Chapter 4 of 6

$104.9M

net loss of FAO Inc. in fiscal 2002, on net sales of $460.4M

Original illustration in the spirit of the clock towers that stood in the stores. Not an official asset.1

Jan 2003 – Feb 2004 · Two bankruptcies

Out of Chapter 11 in April, back in by December

FAO Inc. listed assets of $257.4M and debts of $238.4M.1213 It used the bankruptcy to close 111 stores, about 43% of the chain, including eight of the 23 FAO Schwarz stores. It emerged on April 23, 2003 with $30.0M from the sale of new preferred stock and a credit facility of up to $77.0M, and it reverse-split its shares one for fifteen.1 The loss for the year to February 1, 2003 was $104.9M.1

The recovery did not come. In the quarter to August 2, 2003 same-store sales fell 26.7%, which management put down mainly to thin stock after the bankruptcy.3 On October 20 the company answered a New York Post report by saying it was “not experiencing a cash crunch.”4 On November 7 it said sales had been “disappointing and significantly below expectations” and that it might not have enough cash to operate normally that month. The same afternoon its lenders delivered a notice of default.56

On December 4, 2003 FAO Inc. filed for Chapter 11 again, this time to sell FAO Schwarz and The Right Start and to liquidate Zany Brainy.7 The court approved the sale of FAO Schwarz on January 26, 2004. A D. E. Shaw affiliate paid $40.5M in cash, and assumed some liabilities, for the name, the catalog, the website and the stores in New York and Las Vegas. D. E. Shaw already held about 47% of FAO Inc.’s voting equity. No other FAO Schwarz store came out of the sale.81617 Common shareholders were told to expect nothing.8

It is not experiencing a cash crunch and is paying its bills and funding operations in the normal course of business.

FAO Inc. press release, October 20, 2003, 45 days before its second Chapter 11 filing4

Chapter 5 of 6

Jul 15

2015: the day the last store closed

News segment · 2015Associated Press: “Game Over: FAO Schwarz Toy Store Closes” The AP’s report on the closing of the Fifth Avenue flagship in July 2015, from its own channel.22 Watch on YouTube

2004 – Jul 2015 · Two stores, then one, then none

A “cultural treasure” that could not pay Fifth Avenue rent

Both stores shut for renovation. Las Vegas reopened on October 22, 2004 and the Fifth Avenue flagship was scheduled to reopen on Thanksgiving Day, redesigned with the Rockwell Group.1718 D. E. Shaw had said it would preserve the store as a “cultural treasure.”16

On May 28, 2009 the parent of Toys “R” Us bought the business for an undisclosed price, saying it would keep both stores, the catalog and the website.1920 By January 30, 2010 its annual report listed only “the FAO Schwarz store on 5th Avenue,” one of three flagships in New York. When the Las Vegas store closed is not in our sources.21 The name went onto private-label toys in Toys “R” Us stores.2125

On May 15, 2015 Toys “R” Us said the flagship would close on July 15, ahead of the end of its lease, because of “the continuing rising costs of operating a retail location on Fifth Avenue.” It said it was looking for another site in midtown Manhattan.2223 It did not open one. Closing this store and the Toys “R” Us store in Times Square removed $52M of store operating costs between them.24

FAO Schwarz is more than just a toy store.

David E. Shaw, chairman of D. E. Shaw & Co., on buying it out of bankruptcy, January 26, 200416

Chapter 6 of 6

20,000

square feet at 30 Rockefeller Plaza, against about 67,000 on Fifth Avenue in 2003

A two-storey stone building at Rockefeller Plaza with FAO Schwarz lettering over the doors and a queue behind barriers
FAO Schwarz at 30 Rockefeller Plaza, August 2025. Photo: Nielsoncaetanosalmeron, via Wikimedia Commons, CC BY 4.0.

Oct 2016 – today · The name

A smaller store, eight blocks south

In October 2016 Toys “R” Us sold the brand to ThreeSixty Group, a California company that makes and distributes consumer products. The price was not disclosed; Toys “R” Us recorded a gain of $45M on the sale.242627

On November 16, 2018 a new FAO Schwarz opened at 30 Rockefeller Plaza, in the space that had been the NBC Experience Store, with a clock tower at the door and a floor piano on the upper level.2829 The Associated Press gave its size as 20,000 square feet. FAO Inc. had described the Fifth Avenue store as about 67,000 square feet in 2003, and the AP put it at 45,000 when it closed.12229

In September 2026 the company said it had stores in New York, Paris, Milan and Beijing, and it opened a storefront on Amazon.30 In June 2026 it had opened a shop inside Nordstrom’s Manhattan flagship.31 The original chain is gone and so is the company that owned it. The name, the piano and the clock tower are still in use.

Timeline

164 years, 31 moments

From a Baltimore toy shop to a storefront on Amazon. Filter by thread.

All 31 events as a list
  1. 1862
    Stores

    Founded in Baltimore

    Frederick August Otto Schwarz opens a toy shop six years after arriving from Westphalia.1

  2. 1870
    Stores

    Moves to New York

    The Schwarz Toy Bazaar opens on Broadway.1

  3. 1931
    Stores

    745 Fifth Avenue

    After several moves the store settles on Fifth Avenue.9

  4. 1963
    Owners

    The family sells

    The Schwarz family sells the firm to Parents’ Magazine.9

  5. 1970
    Owners

    W.R. Grace

    Parents’ sells the company to W.R. Grace & Co.9

  6. 1974
    Owners

    Franz Carl Weber

    The Zurich toy retailer buys the company.9

  7. 1985
    Owners

    Christiana, then Harris and Morse

    Christiana Companies pays $10.5M. Months later its president, Peter L. Harris, and Peter C. Morse buy the company.9

  8. Nov 61986
    Stores

    767 Fifth Avenue opens

    The flagship moves across the street into 40,000 square feet at the foot of the General Motors Building.9

  9. 1988
    Stores

    “Big”

    The film shows the store’s floor piano. Requests for the $15,000 instrument follow.9

  10. 1990
    Owners

    Sold to KBB

    The Dutch retailer Koninklijke Bijenkorf Beheer pays an estimated $40M.9

  11. 1997
    Stores

    39 locations

    Large stores are readied for Orlando and Las Vegas, and the Manhattan store prepares to grow to 60,000 square feet.9

  12. 1998
    Owners

    Vendex takes over KBB

    Vendex International becomes the owner.9

  13. Nov 192001
    Money

    Right Start agrees to buy

    The Right Start announces a deal for the flagship, 22 other stores, the catalog and the website. The trade press values it at $55M.10

  14. Jan 62002
    Owners

    The deal closes

    The buyer pays with $15.95M of notes and $20.0M of preferred stock.1

  15. Mar2002
    Owners

    Renamed FAO Inc.

    The Right Start takes the name of its acquisition. It runs 23 FAO Schwarz, 64 Right Start and 169 Zany Brainy stores.211

  16. Dec2002
    Money

    Suppliers stop shipping

    Several major suppliers have stopped shipping. FAO Inc. says it will close 55 Zany Brainy stores.12

  17. Jan 132003
    Bankruptcy & closing

    First Chapter 11

    FAO Inc. and its main subsidiaries file in Delaware, listing $257.4M of assets and $238.4M of debts.112

  18. Apr 232003
    Money

    Out of bankruptcy

    The plan takes effect after 111 store closings, with $30.0M of new preferred stock and a $77.0M credit facility.113

  19. Oct 202003
    Money

    “Not experiencing a cash crunch”

    FAO Inc. denies a New York Post report about its cash position.4

  20. Nov 72003
    Money

    Notice of default

    The company says holiday sales are “significantly below expectations.” Its lenders deliver a notice of default the same afternoon.56

  21. Dec 42003
    Bankruptcy & closing

    Second Chapter 11

    FAO Inc. files again, to sell FAO Schwarz and The Right Start and liquidate Zany Brainy. Its shares are delisted.7

  22. Jan 262004
    Bankruptcy & closing

    Sale approved

    The court approves the sale of the brand and the New York and Las Vegas stores to a D. E. Shaw affiliate for $40.5M in cash.816

  23. Oct 222004
    Stores

    Las Vegas reopens

    The Forum Shops store reopens after remodeling. New York is scheduled to follow on Thanksgiving Day.1718

  24. Nov 222004
    Afterlife

    The old parent deregisters

    Children’s Books & Toys, Inc., as FAO Inc. was renamed, files to end its SEC registration.832

  25. May 282009
    Owners

    Toys “R” Us buys it

    The parent of Toys “R” Us acquires the business for an undisclosed price.1920

  26. May 152015
    Bankruptcy & closing

    Closing announced

    Toys “R” Us says the Fifth Avenue store will close, citing rising costs.2223

  27. Jul 152015
    Bankruptcy & closing

    The flagship closes

    The last FAO Schwarz store shuts. The brand continues online and on toys in Toys “R” Us stores.2223

  28. Oct 42016
    Owners

    Sold to ThreeSixty Group

    Terms are not disclosed. Toys “R” Us books a $45M gain.242627

  29. Nov 162018
    Afterlife

    30 Rockefeller Plaza

    A new 20,000 square foot flagship opens.29

  30. Jun2026
    Afterlife

    A shop inside Nordstrom

    FAO Schwarz opens in Nordstrom’s Manhattan flagship on West 57th Street.31

  31. Sep 182026
    Afterlife

    Amazon storefront

    The company says it has stores in New York, Paris, Milan and Beijing.30

Visitors standing on a giant piano keyboard
2007 The floor piano on the upper level of the Fifth Avenue store, March 2007.Photo: Rob Young, via Wikimedia Commons, CC BY 2.0.

Part 2 of 6

Business

The numbers · Marketing · Rivals

The money

A big name on a small balance sheet

FAO Schwarz was privately owned for almost all of its life, so its own accounts are not public. The two years it spent inside a listed company, FAO Inc., are documented in SEC filings, and most of the figures below come from them. Earlier figures come from a reference history and are marked.

FAO Schwarz stores: one, many, one

Store counts at the dates a source gives one. The spacing is not even.

02040Early ’80sc. 198519972001Jan ’02Apr ’03Nov ’04Jan ’10Jul ’15Nov ’18123456702040Early ’80s1997Jan ’02Nov ’04Nov ’181234567
  1. Early ’80s · the first chain 32 stores under Franz Carl Weber, some in hotel lobbies. Ten were closed as unprofitable (the 22 is derived).9
  2. 2001 · the Vendex peak “More than 40” stores, plotted as 40, with estimated sales of $197M in 2000.9
  3. Jan ’02 · the sale The Right Start buys the flagship and 22 other stores.1
  4. Apr ’03 · after the first bankruptcy 15 stores in 12 states. Eight were closed in Chapter 11.1
  5. Nov ’04 · after the second Only New York and Las Vegas reopen under D. E. Shaw.817
  6. Jul ’15 · the end of the original The Fifth Avenue store closes on July 15, 2015.22
  7. Nov ’18 · the revival One new flagship at 30 Rockefeller Plaza. Partner-run stores abroad are not counted here.2930
Data table
FAO Schwarz stores: one, many, one
Date of the count (not evenly spaced)Stores
Early ’80s32
c. 198522
199739
200140
Jan ’0223
Apr ’0315
Nov ’042
Jan ’101
Jul ’150
Nov ’181
32, 39 and “more than 40”: International Directory of Company Histories9. 23 and 15: FAO Inc. 10-K reports12. Two stores in 2004817. One store at January 30, 2010: Toys “R” Us 10-K21. Closing and reopening: Associated Press2229. The 22 for about 1985 is derived (32 − 10) and its date is approximate.

The parent company before and after the acquisitions

The Right Start / FAO Inc., total revenues and net loss, $ millions, fiscal years 1998 to 2002.

Data table
The parent company before and after the acquisitions
PeriodTotal revenues ($M)Net loss ($M)
FY1998$37.6M$-5.7M
FY1999$49.8M$-10.8M
FY2000$53.6M$-7.7M
FY2001$247.4M$-11.3M
FY2002$460.4M$-104.9M
Selected financial data, FAO Inc. 10-K for fiscal 20021. Fiscal years end on the Saturday nearest January 31 of the following calendar year. Fiscal 2001 includes Zany Brainy from September 5, 2001 and FAO Schwarz from January 6, 2002. Figures are rounded from thousands. The fiscal 2002 loss includes $25.5M of reorganization items.

How The Right Start paid for FAO Schwarz

Purchase price recorded for the January 2002 acquisition.

$35.95M Total purchase price
$15.95M 44%Subordinated notes issued$20.00M 56%Preferred stock issued$15.95M 44%Subordinated notes issued$20.00M 56%Preferred stock issued
  • Subordinated notes issued. Owed to the seller
  • Preferred stock issued. Converted into 5,000,000 common shares in March 20022
Data table
How The Right Start paid for FAO Schwarz
Where it wentAmountShareNote
Subordinated notes issued$15.95M44%Owed to the seller
Preferred stock issued$20.00M56%Converted into 5,000,000 common shares in March 2002
Purchase allocation in the FAO Inc. 10-K1. No cash was paid; the buyer recorded $407,000 of cash acquired. The trade press valued the deal at $55M when it was announced, counting about $10M of assumed liabilities.10

Where FAO Inc.’s sales came from in fiscal 2002

Net sales for the 52 weeks to February 1, 2003.

$460.4M Net sales
$269.6M 59%Zany Brainy stores$118.7M 26%FAO Schwarz stores$72.1M 16%Right Start stores, catalogs and websites (derived remainder)$269.6M 59%Zany Brainy stores$118.7M 26%FAO Schwarz stores$72.1M 16%Right Start stores, catalogs andwebsites (derived remainder)
  • Right Start stores, catalogs and websites (derived remainder). 460.4 − 269.6 − 118.7
Data table
Where FAO Inc.’s sales came from in fiscal 2002
Where it wentAmountShareNote
Zany Brainy stores$269.6M59%
FAO Schwarz stores$118.7M26%
Right Start stores, catalogs and websites (derived remainder)$72.1M16%460.4 − 269.6 − 118.7
FAO Inc. 10-K, selected financial data and additional operating disclosures1. The third figure is derived.

What the business sold for, when a price is known

$ millions, not adjusted for inflation. Each sale covered a different set of stores.

1985 · Christiana Companies
$10.5M
Reference history9
1990 · KBB (estimate)
$40M
“An estimated $40 million”9
2002 · The Right Start
$35.95M
Notes and preferred stock, no cash1
2004 · D. E. Shaw affiliate
$40.5M
Cash, plus assumed liabilities, for two stores and the name8
Data table
What the business sold for, when a price is known
SalePriceNote
1985 · Christiana Companies$10.5MReference history
1990 · KBB (estimate)$40M“An estimated $40 million”
2002 · The Right Start$35.95MNotes and preferred stock, no cash
2004 · D. E. Shaw affiliate$40.5MCash, plus assumed liabilities, for two stores and the name
1985 and 1990 from the International Directory of Company Histories; the 1990 figure is an estimate reported there9. 2002 and 2004 from SEC filings18. The prices paid by Toys “R” Us in 2009 and ThreeSixty Group in 2016 were not disclosed1926; Toys “R” Us reported a $45M gain on the 2016 sale.24

The FAO Schwarz business inside FAO Inc., fiscal 2002

$118.7M
net sales of the FAO Schwarz stores in the year to February 1, 20031
−14.7%
change in FAO Schwarz same-store sales, which the company put down to fewer tourists1
38%
of the stores’ revenue came in the fourth quarter1
$19.2M
sold through the catalogs ($13.9M) and the website ($5.3M); the sum is derived1
FAO Inc. 10-K for fiscal 20021.
Between the two bankruptcies, 2003
243 → 142FAO Inc. stores at February 1, 2003 and at April 23, 2003, when it left Chapter 111
−26.7%same-store sales in the 13 weeks to August 2, 20033
$119.1Mnet sales in the 26 weeks to August 2, 2003, against $177.9M a year earlier3
$18.8Mnet loss in the 13 weeks to August 2, 20033
FAO Inc. 10-K and 10-Q13. FAO Inc. did not file a report for the quarter to November 1, 2003; it filed a notice of late filing on December 16, 2003 and no annual report for fiscal 2003, so there are no audited figures for its last year.35

Marketing

The store was the advertisement

FAO Schwarz spent on the building, the catalog and the cameras that came to it. Its own filing called this “non-traditional marketing.”1

Three visitors standing on a giant floor piano keyboard on the upper level of the Fifth Avenue store
The piano The floor piano at 767 Fifth Avenue in March 2007. Photo: Rob Young, via Wikimedia Commons, CC BY 2.0. A reference history says the 1988 film “Big” brought a flood of requests for the $15,000 instrument and for a smaller model at $6,250.9

The catalog and the cameras, 2002

7.8M
homes received the core catalog in the 2002 holiday season1
500,000
homes received the “Ultimate Catalog,” with average orders of more than $1851
$13.9M
of sales came through the catalogs in fiscal 20021
$5.3M
came through FAO.com, launched on May 3, 19981
FAO Inc. 10-K for fiscal 20021.

What the filing claimed for the brand

The 10-K lists film tie-ins from “Men in Black” to “Big,” product launches for Teletubbies, Furby and Pokémon, and hundreds of television interviews conducted in the Fifth Avenue store each holiday season.1 A reference history says the company “did not advertise” in the 1980s and was written into children’s books and films instead.9

The weakness of the method is in the same filing: a large share of FAO Schwarz sales came from products that mass merchants did not carry, and the company warned that sales would suffer if it could not keep those exclusives.1

Original illustration of a floor piano. Not an official asset.

Still the centrepiece

When the store came back in 2018, the Associated Press described a keyboard mat 20 feet long with 60 keys on the upper level, reflected in the ceiling so that it could be seen from the plaza.29

The rivals

Three chains under one roof, and the stores that undersold them

FAO Inc. put three specialty chains together to serve what its chief executive called “the same affluent customer.”11 All three were sold or liquidated within two years.

FAO Inc.’s three brands, a later owner and a competitor

Store counts are from FAO Inc.’s filings.

FAO Schwarz

Ghost
23 → 15 Then two stores after the January 2004 sale, and none after July 2015. The name was revived in 2018.1282229

Zany Brainy

Liquidated from Dec 2003
169 → 89 Bought out of bankruptcy in September 2001. Same-store sales fell 17.9% in fiscal 2002.127

The Right Start

Sold, Dec 2003
64 → 38 The original business, founded as a catalog in 1985. Sold to Hancock Park Capital for about $5.4M.128

Toys “R” Us

Later bankrupt itself
owner, 2009–16 Hired FAO Schwarz’s chief executive in 2000, bought the brand in 2009, closed its last store in 2015 and sold it in 2016.920222429

Wal-Mart

Survived
lower prices The discounter the press named in both bankruptcies as selling some of the same toys for less.1314
Data table
FAO Inc.’s three brands, a later owner and a competitor
CompanyOutcomeStores, early 2002 to April 2003Notes
FAO SchwarzGhost23 → 15Then two stores after the January 2004 sale, and none after July 2015. The name was revived in 2018.
Zany BrainyLiquidated from Dec 2003169 → 89Bought out of bankruptcy in September 2001. Same-store sales fell 17.9% in fiscal 2002.
The Right StartSold, Dec 200364 → 38The original business, founded as a catalog in 1985. Sold to Hancock Park Capital for about $5.4M.
Toys “R” UsLater bankrupt itselfowner, 2009–16Hired FAO Schwarz’s chief executive in 2000, bought the brand in 2009, closed its last store in 2015 and sold it in 2016.
Wal-MartSurvivedlower pricesThe discounter the press named in both bankruptcies as selling some of the same toys for less.
FAO Inc. 10-K reports and 8-K1278; Associated Press and Publishers Weekly131429. That Walmart is still operating is general knowledge. Whether the Zany Brainy and Right Start names have been used since is outside the scope of this page.

I think consumers were spending less on upscale toy retail products.

Maria Weiskott, editor-in-chief of Playthings, quoted by Publishers Weekly from Reuters, January 27, 200312

Part 3 of 6

Brand

Commercials & footage · Brand gallery

Commercials & footage

Inside the store, 1986 to 2018

A reference history says FAO Schwarz “did not advertise” in the years that made it famous, and we found few commercials to show.9 What survives is footage of the store itself: visitors’ tapes and news reports of the closing and the return. Where a date comes only from the uploader, the caption says so.

Film · 1986“Browsing toys and video games at FAO Schwarz in 1986” Twelve minutes of amateur video inside the store, uploaded by the channel Vampire Robot. The 1986 date is the uploader’s; if it is right, this is the year the flagship moved to 767 Fifth Avenue.933 Watch on YouTube
Film · 1995“FAO Schwarz Toy Store 1995” Seven minutes of footage uploaded by the archive channel tvdays, which dates it 1995. We could not confirm the date or the original broadcaster.34 Watch on YouTube
News segment · 2015Associated Press: “Game Over: FAO Schwarz Toy Store Closes” The AP’s report on the closing of the Fifth Avenue flagship in July 2015, from its own channel.22 Watch on YouTube
News segment · 2018AP Archive: “Beloved toy store FAO Schwarz makes its NYC return” AP footage of the new store at 30 Rockefeller Plaza, which opened on November 16, 2018.29 Watch on YouTube
News segment · 2018TODAY: “FAO Schwarz Reopens: Peek Inside The Iconic Toy Store” NBC’s morning show visits the new store. NBC is a neighbor: the store took over the space of the NBC Experience Store.28 Watch on YouTube

Videos are embedded from the services that host them and load only when you press play. YouTube embeds use youtube-nocookie.com. Each video belongs to its uploader or rights holder and is shown here for commentary; we do not host any of the files. We found no embeddable footage of the 2003 bankruptcies or of the 1986 opening that we could date with confidence.

Part 4 of 6

People

People · Press

The people

Who ran it, and who owned it

Roles are given as the sources describe them. Later careers are included only where we found a source.

People (7)
Name and roleWhat they didAfterwards
Frederick August Otto SchwarzFounder, 1862

He arrived from Westphalia, opened in Baltimore six years later and moved the business to New York in 1870.1

Peter L. HarrisCo-owner from 1985–86; led the company until 1992

A veteran of Lucky Stores who bought the company with Peter C. Morse, moved the flagship to 767 Fifth Avenue and stayed on after the sale to KBB.9

He stepped down in 1992 and was later named president of the San Francisco 49ers, according to the same history.9
John EylerTop executive, 1992–2000

He came from Hartmarx Specialty Stores and was credited with raising the share of exclusive merchandise.9

He left in January 2000 to become president and chief executive of Toys “R” Us. FAO Schwarz sued both.9
Jerry R. WelchPresident and chief executive, The Right Start / FAO Inc.

He put the three chains together and was still president and chief executive at the second filing. In January 2004 he said the two surviving stores would reopen after four to six months of renovation.781116

David E. ShawChairman, D. E. Shaw & Co.

His firm held about 47% of FAO Inc.’s voting equity and bought the brand from the estate.8 “The holidays just wouldn’t be the same without FAO Schwarz,” he said before the 2004 reopening.18

David NiggliPresident of FAO Schwarz, Inc. from April 2002

He had spent 15 years at F.A.O. Schwarz, including as chief operating officer.1

Chief merchandising officer of the revived brand in 2018 and in 2026.2930
Kirk McLeanCo-founder, ThreeSixty Group

He told Fortune in 2016 that the plan was to take the brand beyond plush toys, and that a store might return.26

The clippings

What they said at the time

Press (8)
No child forgets the first visit to FAO Schwarz.
FAO Inc., annual report on Form 10-K, filed May 16, 2003, three weeks after it left its first bankruptcy1
FAO Schwarz is more than just a toy store.
David E. Shaw, D. E. Shaw & Co., January 26, 200416

  1. Maria Weiskott, Playthings magazine, after the first filing, January 200312

    I think consumers were spending less on upscale toy retail products.

  2. Carrie Lee, reporting from the Nasdaq for CNN, December 3, 200315

    So, FAO, as a company as we know it, will cease to exist.

  3. David E. Shaw, before the Fifth Avenue store reopened, November 200418

    The holidays just wouldn’t be the same without FAO Schwarz.

  4. FAO Schwarz statement, May 15, 2015, as reported by Reuters23

    The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Avenue in New York City.

  5. Kirk McLean, ThreeSixty Group, to Fortune, October 4, 201626

    For over one hundred and fifty 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.

  6. David Niggli, chief merchandising officer, to the Associated Press, November 201829

    We are about experiences. That’s what’s different from other toy stores.
FAO Schwarz at Rockefeller Plaza with a queue outside
2025 The flagship at 30 Rockefeller Plaza, August 2025.Photo: Nielsoncaetanosalmeron, via Wikimedia Commons, CC BY 4.0.

Part 5 of 6

Verdict

Cause of death · What if · Afterlife

Cause of death

The autopsy

Tap a cause to see the evidence. The percentages are our editorial weighting. The evidence under each one is sourced.

Cause of death, by editorial weight

One square is one percentage point. The weights are our judgment, not a measurement.

  1. 30%A roll-up by a buyer too small to carry it
  2. 25%Discounters, and a name that was losing its difference
  3. 20%A showroom that needed tourists and Christmas
  4. 15%Lenders and suppliers pulled back
  5. 10%Fifth Avenue rent
Data table
Cause of death, by editorial weight
CauseWeight
A roll-up by a buyer too small to carry it30%
Discounters, and a name that was losing its difference25%
A showroom that needed tourists and Christmas20%
Lenders and suppliers pulled back15%
Fifth Avenue rent10%

The Right Start had total revenues of $53.6M in fiscal 2000. In September 2001 and January 2002 it bought two chains that made up 90.9% of its retail sales a year later, paying for FAO Schwarz entirely with notes and preferred stock. Its own filing said the FAO Schwarz business was “significantly larger than our business prior to the Zany Brainy Acquisition,” and gave the strain of integrating three chains as one reason for the first bankruptcy.1

The Associated Press said FAO Inc. filed “after struggling to compete with discount chains such as Wal-Mart that sold some of the same toys at lower prices,” and Publishers Weekly called it “battered by severe price competition.” The company’s own risk factors said FAO Schwarz sales would suffer if the brand lost “its perceived distinction.” A reference history dates the squeeze on profits to the mid-1990s.191314

About 38% of the stores’ revenue came in one quarter. The company said fewer tourists cut sales at its flagships after September 2001, and same-store sales fell 14.7% in fiscal 2002. Eight of the 23 stores were closed within 16 months because they “did not perform as well as we expected.”1

The first filing followed an “erosion of vendor credit support” and tighter terms from the senior lenders. Before the second, the company asked vendors to reduce shipments and extend payment dates, and its lenders served a notice of default on November 7, 2003.15612

The last store outlived the chain by eleven years and closed in 2015 because of “the continuing rising costs of operating a retail location on Fifth Avenue.” Toys “R” Us saved $52M of operating costs by closing it and its Times Square store.2324

Editorial judgment: the weights are an interpretive model by the Spectre Brands editors, not a measured quantity. The filings and the press of the time document the symptoms. How much each one contributed is a matter of opinion.

The fork in the road

What if…

Three decisions where the story could have gone differently. The “What if” panels are speculation, labeled as such.

What happened

The Right Start bought the Fifth Avenue store and 22 others in January 2002. It closed eight of them in its first bankruptcy, and the buyer in the second kept only New York and Las Vegas.1817

What if speculative

A buyer that took only the flagships, the catalog and the name in 2002 would have owned roughly what D. E. Shaw bought two years later, without the leases on the mall stores. It would still have depended on tourists in the year after September 2001.

What happened

Four months before the FAO Schwarz deal, The Right Start bought Zany Brainy out of bankruptcy: 169 stores, against 64 of its own. Zany Brainy’s same-store sales fell 17.9% in fiscal 2002 and the chain was liquidated from December 2003.127

What if speculative

Without Zany Brainy, FAO Inc. would have been a company of fewer than 90 stores (derived: 23 + 64) with one troubled integration to manage, not two. Whether its lenders would have financed the FAO Schwarz deal at all without the larger chain’s inventory as collateral is unknown.

What happened

Toys “R” Us closed the flagship on July 15, 2015, before its lease ran out, and said it was looking for a new site in midtown. It sold the brand in 2016 without opening one. The new owner opened a store of 20,000 square feet in 2018.22232429

What if speculative

Staying to the end of the lease would have kept the piano on Fifth Avenue a little longer at a cost Toys “R” Us had decided it could not justify; it filed for bankruptcy itself soon afterwards.29 The smaller store that replaced it suggests the brand did not need 45,000 square feet to survive.22

Where are they now

The afterlife

FAO Schwarz

  1. The name

    In use

    ThreeSixty Group bought the brand from Toys “R” Us in October 2016 and has run a flagship at 30 Rockefeller Plaza since November 16, 2018.2629 In September 2026 the company listed stores in New York, Paris (inside Galeries Lafayette), Milan and Beijing, and opened a storefront on Amazon.30

  2. The trademark

    Licensed

    In 2003 the name was used under a perpetual license from the F.A.O. Schwarz Family Foundation, which received royalties.1 In 2016 Toys “R” Us still described what it held as “the exclusive right and license to use the FAO SCHWARZ trademarks.”25 Whether that arrangement continues under ThreeSixty Group is unknown to us.

  3. FAO Inc.

    Buried

    The parent renamed itself Children’s Books & Toys, Inc. in February 2004, as the sale agreement required, told shareholders to expect nothing and filed to end its SEC registration in November 2004.832

  4. Zany Brainy

    Liquidated

    The 89 remaining stores were liquidated from December 2003.714

  5. The Right Start

    Sold

    The business that had bought FAO Schwarz was itself sold out of the bankruptcy to Hancock Park Capital, one of FAO Inc.’s shareholders, for about $5.4M.8

  6. 767 Fifth Avenue

    Vacated

    The store left the General Motors Building on July 15, 2015.22 What occupies the space now is not in our sources.

  7. The last corporate owner

    Bankrupt

    Toys “R” Us, which owned FAO Schwarz from 2009 to 2016, declared bankruptcy itself not long after selling it.29

  8. The piano and one of the people

    Still there

    The floor piano went into the new store, and replicas were on sale for $128 in 2018.29 David Niggli, who had spent 15 years at F.A.O. Schwarz before becoming president of the FAO Schwarz subsidiary in 2002, was the brand’s chief merchandising officer in 2018 and still held that title in 2026.12930

Who owned the name

Ten sales since 1963. Prices are given only where a source states one.

  1. 1862

    The Schwarz family

    Frederick August Otto Schwarz opens in Baltimore and moves to New York in 1870.1

  2. 1963

    Parents’ Magazine

    The family sells.9

  3. 1970

    W.R. Grace & Co.

    Seven years later the store changes hands again.9

  4. 1974

    Franz Carl Weber International

    A Zurich toy retailer. The chain grows to 32 stores and then shrinks.9

  5. 1985

    Christiana Companies

    A real estate and investment firm.9

    $10.5M
  6. 1985–86

    Peter L. Harris and Peter C. Morse

    A management buyout. The flagship moves to 767 Fifth Avenue.9

  7. 1990

    KBB, then Vendex

    The Dutch retailer KBB buys the company and is itself taken over by Vendex International in 1998.9

    est. $40M
  8. Jan 2002

    The Right Start / FAO Inc.

    Buys 23 stores, the catalog and the website with notes and preferred stock.1

    $35.95M
  9. 2003

    FAO Inc., in Chapter 11

    Files on January 13, emerges on April 23, files again on December 4.17

  10. Jan 2004

    D. E. Shaw affiliate

    Buys the name, the catalog, the website and two stores from the estate.8

    $40.5M cash
  11. May 2009

    Toys “R” Us

    Runs the Fifth Avenue store until July 15, 2015 and puts the name on private-label toys.202122

    undisclosed
  12. Oct 2016

    ThreeSixty Group

    Opens a new flagship at 30 Rockefeller Plaza in November 2018.2629

    undisclosed
Data table
Who owned the name
WhenOwnerWhat happenedPrice
1862The Schwarz familyFrederick August Otto Schwarz opens in Baltimore and moves to New York in 1870.
1963Parents’ MagazineThe family sells.
1970W.R. Grace & Co.Seven years later the store changes hands again.
1974Franz Carl Weber InternationalA Zurich toy retailer. The chain grows to 32 stores and then shrinks.
1985Christiana CompaniesA real estate and investment firm.$10.5M
1985–86Peter L. Harris and Peter C. MorseA management buyout. The flagship moves to 767 Fifth Avenue.
1990KBB, then VendexThe Dutch retailer KBB buys the company and is itself taken over by Vendex International in 1998.est. $40M
Jan 2002The Right Start / FAO Inc.Buys 23 stores, the catalog and the website with notes and preferred stock.$35.95M
2003FAO Inc., in Chapter 11Files on January 13, emerges on April 23, files again on December 4.
Jan 2004D. E. Shaw affiliateBuys the name, the catalog, the website and two stores from the estate.$40.5M cash
May 2009Toys “R” UsRuns the Fifth Avenue store until July 15, 2015 and puts the name on private-label toys.undisclosed
Oct 2016ThreeSixty GroupOpens a new flagship at 30 Rockefeller Plaza in November 2018.undisclosed
International Directory of Company Histories for 1963–19989; SEC filings of FAO Inc. and Toys “R” Us1782021; Fortune and the Associated Press2629.

Sources & data notes

Show your work

The primary sources are the SEC filings of FAO Inc., which owned FAO Schwarz in 2002–04, and of Toys “R” Us, which owned it in 2009–16. The years before 2001 rest on one reference history. Every link below was opened and read while this page was written.

  1. FAO, Inc., Annual Report on Form 10-K for the fiscal year ended February 1, 2003, filed May 16, 2003 (SEC EDGAR).
  2. FAO, Inc. (formerly The Right Start, Inc.), Annual Report on Form 10-K for the fiscal year ended February 2, 2002, filed May 2, 2002 (SEC EDGAR).
  3. FAO, Inc., Quarterly Report on Form 10-Q for the quarter ended August 2, 2003, filed September 16, 2003 (SEC EDGAR).
  4. FAO, Inc., press release, “FAO, Inc. Responds to Negative Press Report”, October 20, 2003, Exhibit 99.1 to Form 8-K filed October 21, 2003.
  5. FAO, Inc., press release of November 7, 2003 on holiday sales and liquidity, Exhibit 99.1 to Form 8-K filed November 10, 2003.
  6. FAO, Inc., press release, “FAO Receives Notice of Default from Lenders”, November 10, 2003, Exhibit 99.1 to Form 8-K filed November 12, 2003.
  7. FAO, Inc., Form 8-K reporting its Chapter 11 petitions of December 4, 2003, with the press release “FAO, Inc. to File for Bankruptcy Protection” of December 2, 2003.
  8. Children’s Books & Toys, Inc. (formerly FAO, Inc.), Form 8-K on the sale of the FAO Schwarz and Right Start businesses and the change of name, filed February 17, 2004 (SEC EDGAR).
  9. Frank Uhle, “FAO Schwarz”, International Directory of Company Histories (Gale), as reproduced on Encyclopedia.com. A reference history written about 2002; our source for events before 2001.
  10. “Right Start to Buy FAO Schwarz Assets for $55 Million”, Chief Marketer, Nov 19, 2001.
  11. “The Right Start Rebrands Itself FAO Inc.”, Chief Marketer, Mar 27, 2002.
  12. John Mutter, “FAO Files for Chapter 11”, Publishers Weekly, Jan 27, 2003.
  13. Michael Rubinkam, Associated Press, “FAO to emerge from bankruptcy next week”, Las Vegas Sun, Apr 18, 2003.
  14. John Mutter, “FAO Schwarz Headed Into Bankruptcy”, Publishers Weekly, Dec 8, 2003.
  15. CNN, transcript of a market report by Carrie Lee, aired Dec 3, 2003.
  16. “Toy store deal approved”, Las Vegas Sun, Jan 27, 2004.
  17. “Upscale toy store reopens”, Las Vegas Sun, Nov 10, 2004.
  18. “FAO Schwarz to Open for Christmas”, VMSD (Visual Merchandising and Store Design), Nov 22, 2004.
  19. Emily Claire Afan, “Toys ‘R’ Us snaps up FAO Schwarz”, Kidscreen, May 28, 2009.
  20. Toys “R” Us – Delaware, Inc., condensed consolidated financial statements for the quarter ended October 31, 2009, Exhibit 99.3 to a Toys “R” Us, Inc. Form 8-K filed December 15, 2009.
  21. Toys “R” Us, Inc., Annual Report on Form 10-K for the fiscal year ended January 30, 2010, filed March 24, 2010 (SEC EDGAR).
  22. Associated Press, “Toys R Us says it will close FAO Schwarz store in July”, Las Vegas Sun, May 15, 2015.
  23. Thomson Reuters, “FAO Schwarz to close flagship New York store”, CBC News, May 16, 2015.
  24. Toys “R” Us, Inc., Annual Report on Form 10-K for the fiscal year ended January 28, 2017, filed April 12, 2017 (SEC EDGAR).
  25. Toys “R” Us, Inc., Annual Report on Form 10-K for the fiscal year ended January 30, 2016, filed March 24, 2016 (SEC EDGAR).
  26. John Kell, “Exclusive: Toys ‘R’ Us Is Selling Off Iconic FAO Schwarz Brand”, Fortune, Oct 4, 2016.
  27. Wendy Goldman Getzler, “Toys ‘R’ Us sells FAO Schwarz to ThreeSixty Group”, Kidscreen, Oct 4, 2016.
  28. “Legendary Toy Store FAO Schwarz to Get New Home at Rockefeller Center: Reports”, NBC New York, Dec 8, 2017.
  29. Verena Dobnik, Associated Press, “FAO Schwarz is back: bigger, better, with a focus on ‘experience’”, The Christian Science Monitor, Nov 16, 2018.
  30. FAO Schwarz, press release, “FAO Schwarz Brings Its Iconic Toy Store Experience to Amazon.com This Fall”, PR Newswire via Morningstar, Sep 18, 2026.
  31. Mallory Decker, “FAO Schwarz Sneaks Back Into Midtown Inside Nordstrom Flagship”, Hoodline, Jun 27, 2026.
  32. Children’s Books & Toys, Inc., Form 15-12G, certification and notice of termination of registration, filed November 22, 2004 (SEC EDGAR filing index).
  33. “Browsing toys and video games at Fao Schwarz in 1986”, YouTube, uploaded by Vampire Robot. The date is the uploader’s.
  34. “FAO SCHWARZ TOY STORE 1995”, YouTube, uploaded by tvdays. The date is the uploader’s.
  35. U.S. Securities and Exchange Commission, EDGAR filing list for FAO, Inc. / Children’s Books & Toys, Inc., CIK 878720, which shows the notice of late filing of December 16, 2003 and no later annual report.
Data notes (9)

Data notes

Derived: The 22 stores for about 1985 is 32 − 10.9 The $72.1M of other FAO Inc. sales is $460.4M − $269.6M − $118.7M.1 The $19.2M of catalog and online sales is $13.9M + $5.3M.1 “Fewer than 90 stores” in the what-if is 23 + 64 = 87.2 “Within 16 months” runs from January 6, 2002 to April 23, 2003.1 The 27 and 45 days before the second filing count from November 7 and October 20 to December 4, 2003.467 “Ten sales since 1963” counts 1963, 1970, 1974, 1985, 1985–86, 1990, 2002, 2004, 2009 and 2016; the 1998 takeover of KBB by Vendex changed the owner’s owner and is not counted.892026 Dollar figures in the charts are rounded from the thousands in the filings.

Estimates: Sales of $197M in 2000, about $50M in 1990 and about $20M in 1985, and the $40M price paid by KBB in 1990, are estimates or approximations given by the International Directory of Company Histories.9 The $55M value of the 2001 deal is the trade press’s figure at announcement.10

Conflicts between sources: The size of the Fifth Avenue store is about 67,000 square feet in FAO Inc.’s 2003 annual report, 45,000 in the Associated Press and Reuters reports of 2015 and 61,000 in an NBC New York report of 2017; a reference history says it opened at 40,000 and was to grow to 60,000 in 1997.19222328 The new store is 20,000 square feet in the AP and “19,000-plus” in NBC New York’s report, and is about eight or about ten blocks from the old one.2829 The 2002 purchase is $35.95M in the buyer’s accounts and $55M in the press, which counted assumed liabilities and the notes at their original $18M.110 The 2004 sale is $40.5M in cash in the 8-K and $41M in press reports.816 The Associated Press wrote in 2018 that Right Start bought FAO Schwarz in 2002; it was agreed in November 2001 and closed on January 6, 2002.11029 The reference history says Vendex acquired FAO Schwarz in 1998; that was through its takeover of KBB, the owner since 1990.9 The card’s sparkline uses the same mixed series as the store chart: reference-history counts, one derived figure and counts from SEC filings.

Unknown: FAO Schwarz’s own profit or loss in any year: it was a private company or a division throughout, and FAO Inc. reported its sales but not its earnings. Sales under D. E. Shaw, Toys “R” Us and ThreeSixty Group. The prices paid in 1963, 1970, 1974, 1986, 2009 and 2016. The exact date the Fifth Avenue store reopened in 2004 (our source says it was scheduled for Thanksgiving Day). When the Las Vegas store closed for good. What creditors of FAO Inc. recovered. What now occupies 767 Fifth Avenue. Whether the name is still licensed from the F.A.O. Schwarz Family Foundation.

Secondary sources: Everything on this page dated before November 2001, apart from the founding story repeated in FAO Inc.’s filings, comes from one reference work, the International Directory of Company Histories, read on Encyclopedia.com.9 It cites newspapers of the time, which we did not open. Associated Press and Reuters reports were read on the websites of the Las Vegas Sun, CBC News and The Christian Science Monitor, which carried them.

How we read the sources: SEC filings were read in full text from EDGAR. Press pages were fetched and read as text. We did not watch the embedded videos end to end; their captions describe them from their titles, channels and running times, and airing dates are the uploaders’ unless stated.3334

Images: The four photographs and the engraving are from Wikimedia Commons under the licenses stated in the gallery. We could not load Internet Archive captures of fao.com when this page was researched, so there is no “Old website” section. The accent red was matched by eye to the canopy in the 2007 photograph.

A date that differs: FAO Inc.’s filing says FAO.com was “initially launched on May 3, 1998”; the reference history says the company first went online at www.fao.com in 1995.19 We use the filing’s date and note the difference.

General knowledge: That Walmart is still trading. That “Big” (1988) starred Tom Hanks. That Thanksgiving Day in 2004 fell on November 25.

More post-mortems

Toys “R” Us

1957 – 2018

Ghost
Debt and buyouts
$457M interest in its last full year, on $460M of operating earnings

KB Toys

1922 – 2009

Ghost
Outcompeted
1,322 stores in January 1999. None ten years later.

Kiddie City

1957 – 1993

Dead
Outcompeted
$100.3M lost in its last fiscal year, on $291.5M of sales

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