October 15, 1999 |
The developer of the Penn's Landing entertainment and shopping mall announced a wave of tenants yesterday, bringing the project a step closer to reality after 30 years of false starts. FAO Schwarz, the New York City toy retailer; Borders bookstore; Jillian's, a bowling and arcade center; and Pottery Barn will be anchors of the development to be constructed by Simon Property Group of Indianapolis. The $174 million project, now scheduled to open in 2002, will include a Ruby's Diner and a restaurant to be operated by the owners of Circa in Center City.
November 20, 2001 |
FAO Schwarz, the upscale toy retailer known worldwide, is being bought by the company that owns Zany Brainy, of King of Prussia. Right Start Inc., of Calabasas, Calif., agreed to buy 23 FAO Schwarz stores, including the flagship store on Fifth Avenue in Manhattan, from Holland's Royal Vendex KBB for $58.25 million, the companies announced yesterday. "We are very excited," said Thomas G. Vellios, president and chief executive officer of Zany Brainy, which Right Start bought out of bankruptcy in September.
August 1, 1990 |
A Dutch retail conglomerate said yesterday that it had acquired FAO Schwarz, the tony toy retailer, for an undisclosed price. The transaction marks the first U.S. foray for buyer Koninklijke Bijenkorf Beheer (KBB), which said it planned to expand the FAO Schwarz franchise from its current 17 stores. The chain's flagship store on Fifth Avenue - known to set the hearts of children of all ages aflutter - is famous for its use as a setting in many movies, including the hit Big. "FAO Schwarz is the pre-eminent retailer of fine toys in the world, and we are committed to building on FAO's tradition of excellence," said KBB chairman Arie Maas.
January 14, 2003 |
Zany Brainy's parent company, FAO Inc., of King of Prussia, filed for bankruptcy yesterday, marking the second time in 20 months that Zany Brainy has made its way into bankruptcy court. FAO operates Zany Brainy, Right Start and FAO Schwarz stores, Web sites and catalogs. In theory, the amalgamation of FAO Schwarz, Zany Brainy and Right Start should have worked great: Tack one of the most respected names in toys (FAO Schwarz) onto a snazzy nationwide chain of stores (Zany Brainy)
December 24, 2002 |
Troubled toy retailer FAO Inc. said yesterday that it would close as many as 70 underperforming stores by the end of March as it attempts to return to profitability. The company said 55 of the stores to close would be Zany Brainy stores, which sell educational toys. FAO, which is based in King of Prussia, also owns FAO Schwarz and the Right Stuff. Some of the Zany Brainy stores to be closed were opened in 1999 and 2000, the company said. "In the current retail environment, these locations [to be closed]
April 15, 2003 |
FAO Inc., owner of the FAO Schwarz and Zany Brainy toy stores, said yesterday that it might have to liquidate after the collapse of a plan to finance its emergence from bankruptcy-court protection. Like one of its iconic toy soldiers, FAO, of King of Prussia, had been marching resolutely through the Chapter 11 process, and had the approval of U.S. Bankruptcy Court in Wilmington to exit this Friday. But FAO said in a statement that there were "unexpected complications" in getting prospective buyers of its stock and its post-bankruptcy financiers to agree on the final terms of the exit plan.
December 27, 2003 |
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.
February 25, 2003 |
FAO Inc. struck a deal yesterday to set up toy shops within Saks Inc. department stores - but not in its flagship Saks Fifth Avenue locations - that will sell Zany Brainy, FAO Schwarz and Right Start products. The toy shops would be set up in department stores outside the Northeast. The two retailers also said Saks, based in Birmingham, Ala., would invest $5 million in the common stock of FAO, based in King of Prussia. FAO is the successor to the Zany Brainy educational toy stores that started in the Philadelphia area.
October 15, 1999 |
It took two years, three postponements and a few unexpected upsets, but the Simon Property Group yesterday ended speculation by naming most of the stores and restaurants planned for its Penn's Landing entertainment complex. In addition to the tenants that have been known for months, like the 20-screen AMC Theaters megaplex and a bigger, 130,000-square-foot Please Touch Museum, toy giant FAO Schwarz will build a two-story, 30,000-square-foot flagship store in the Delaware Riverfront complex.
May 10, 2011
A look at the tortured history of Delaware River waterfront development: 1987: The city tries to lure Disney to the waterfront for a $300 million project. 1989: Developer Willard Rouse backs out on a $700 million retail/restaurant/housing development. Former Philadelphia City Councilman Leland Beloff later goes to jail for trying to extort him. 1997: Officials in New Jersey and Pennsylvania express interest in a tram over the river that would have cost close to $42 million.