Toys R Us Sells FAO Schwarz Brand to Three Sixty Group

NEW YORK (AP) -

Toys R Us has sold its FAO Schwarz brand to ThreeSixty Group, a company that designs and sells toys, home goods and other products.

FAO Schwarz, founded in 1862, was known for its New York toy store that was a magnet for tourists who would play a tune on the store’s floor piano or gawk at its large stuffed animals. But Toys R Us, which bought FAO Schwarz in 2009, shuttered the store last year to save money.

ThreeSixty plans to design a new collection of toys under the FAO Schwarz brand and create in-store experiences for other retailers that would try to recreate the famous store.

They already sell products under brands including The Sharper Image, Animal Planet and Discovery Kids.