The FAO Schwarz toy store on New York City’s Fifth Avenue will be closing its doors this summer. It’s the last remaining location of the iconic toy brand.
FAO Schwarz has had a location in New York City since 1870, but on July 15, the flagship location will close because of higher rents in the prime shopping district and competition from online retailers, reports the New York Times. The store once had 40 locations across the country, but the one on Fifth Avenue, which opened in 1986, is the only store remaining.
Toys “R” Us, which owns FAO Schwarz, will continue to sell the boutique brand in its stores. But the company has troubles of its own; by the end of 2016 it plans to leave its flagship location on Broadway in Times Square.
FAO Schwarz is reportedly looking for a new home in New York City.
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- How Far Trump Would Go
- Why Maternity Care Is Underpaid
- Scenes From Pro-Palestinian Encampments Across U.S. Universities
- Saving Seconds Is Better Than Hours
- Why Your Breakfast Should Start with a Vegetable
- Welcome to the Golden Age of Ryan Gosling
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Write to Mandy Oaklander at mandy.oaklander@time.com