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Rising cost of retail space on Fifth Avenue is the reason for the closure.

New York’s FAO Schwarz store to close

Toys R Us is set to close its FAO Schwarz store in New York by July.

The firm is citing the rising cost of retail space on New York City’s Fifth Avenue as the reason for the closure, reports the Wall Street Journal.

The 45,000-square-foot store, home of the giant piano featured in Big, will close on July 15th and Toys R Us is now looking to relocate it to another location in midtown Manhattan.

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