As reported by Reuters and other news outlets, FAO Schwarz, the oldest toy store in the U.S., is closing its iconic Fifth Ave. flagship store in Manhattan, citing rising rent prices. The store will shut its doors on July 15, exiting early from its lease.
The Toy Industry Association (TIA) announced that Arnie Rubin, founder and CEO of Funrise Toy Corporation, and the late Frederick August Otto Schwarz, founder of FAO Schwarz, have been selected as the next inductees into the Toy Industry Hall of Fame.
The Hall of Fame comprises a roster of 57 individuals who have been recognized for their significant contributions to the growth and success of the toy industry. The newest inductees were nominated by toy industry members and selected via vote from TIA members and previous Hall of Fame honorees.