If you’re traveling to New York City with kids this summer, you might want to squeeze in a last-chance visit to the Big Apple’s two iconic toy stores. FAO Schwarz has announced that its Fifth Avenue store — the only remaining freestanding location for the 153-year-old company — will close July 15 due to rising rents. This follows the recent news that Toys R Us will vacate its Times Square store next January. Toys R Us, which bought FAO Schwarz in 2009 and added FAO departments to some of its stores, is looking to reduce expenses across the board. There’s a chance that both stores will reopen elsewhere in the City, but for now no one is saying where or when.
