The iconic toy store fell victim to rising rents on Manhattan's Fifth Avenue

By Lindsay Kimble
May 16, 2015 02:00 PM
Bebeto Matthews/AP

The famous F.A.O. Schwarz flagship New York City toy store, located at 767 Fifth Avenue, will close its doors forever this summer, according to the New York Times.

The flagship was the brand’s last remaining location, despite once having more than 40 stores across the U.S. The shuttering is a result of rising rent costs in one of the city’s most popular and enviable shopping districts, according to the Times.

F.A.O. Schwarz, which will officially close on July 15, has had a store in New York City since as early as 1870.

The store’s floor piano became emblematic of the flagship location after Tom Hanks jumped around on it in the 1988 classic, Big.

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The company will continue to sell toys through small boutiques inside Toys “R” Us store locations, and online through their website.

Toys “R” Us, which has owned F.A.O. Schwarz since 2009, issued a statement on Friday, saying “The company is committed to the F. A. O. Schwarz brand and growing its legacy.”

Toys “R” Us has troubles of its own, however, and is also preparing to vacate its flagship store in Times Square at the end of 2016, according to the Times.

F.A.O. Schwarz is reportedly looking to reopen a store in Manhattan and is scoping out at a basement space at 1633 Broadway. However, a new store won’t open for more than a year, according to the Times.