Toys R Us Sells FAO Schwarz

(RTTNews) - ThreeSixty Group Tuesday said it has acquired iconic toy brand FAO Schwarz from Toys "R" Us. The financial terms of the transaction were not disclosed.

FAO Schwarz had been owned by Toys 'R' Us, Inc. since 2009. California-based ThreeSixty Group manufactures and distributes toys and other consumer products for over 70,000 retail stores across the country.

"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. We are investing heavily in this brand and believe there is a tremendous opportunity to build upon the heritage experience and nostalgia of FAO Schwarz," Kirk McLean, co-founder of ThreeSixty Group.

FAO Schwarz, which was founded in 1862, was the oldest toy store in the United States and one of the oldest retail establishments of any kind when its sole remaining store on Manhattan's Fifth Avenue in New York closed in 2015.

"The acquisition of FAO Schwarz marks the first of many opportunities we see ahead to expand our platform both organically and through acquisition as we strive to deliver more differentiated product offerings to our retail partners," said Mike Roberts, co-founder of the Company.