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Goodbye to All That

After 145 years in business, the iconic toy store F.A.O. Schwarz is closing. Citing rising rents and competition from other retailers, the company will vacate its flagship store on Fifth Avenue in July. F.A.O. Schwarz has occupied the General Motors Building on Fifth Avenue since 1986 and was featured prominently in everyone's favorite scene in Big. Toys "R" Us—the company that owns the F.A.O. Schwarz brand—announced the closing in a statement on Friday, and will also shutter its own flagship store in Times Square at the end of 2016. [NYT]