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Article: FAO to Sell New York, Las Vegas Stores, Internet Business for $20 Million.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 27, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Akweli Parker, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Dec. 27--FAO Inc., operator of the upscale FAO Schwarz toy store chain, said yesterday that it would sell its flagship New York store and one in Las Vegas, as well as its Internet and catalog businesses, for $20 million.
FAO said the Fifth Avenue store, which was featured in the 1988 Tom Hanks movie Big, and the Nevada facility were being sold to a subsidiary of D.E. Shaw Laminar Portfolios L.L.C., an investment and technolog development firm based in New York.
The buyer plans to close the stores, remodel them, and reopen them before this summer.
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