FAO Schwarz flagship store closes

An iconic New York City store made famous by the movie "Big" is closing its doors. The owners of FAO Schwarz say the lease is up and the new rent is too high at its flagship store.

The toy store has been at its current location at 58th Street and 5th Avenue in Manhattan since 1986. Before that, it spent 35 years in a building just across 58th Street.

A statement posted to Twitter as well as on a sign in the window said: "See you soon... let us pause to reminisce about the countless cherished memories created within these walls."

FAO Schwarz, since 2009 owned by Toys R Us, is expected to reopen at another location in New York, but has not announced where.

"We are excited about the opportunity to create a new flagship location in New York City that will no doubt delight kids and kids-at-heart for generations to come," the store said in the statement.

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