F.A.O. Schwarz Toy Store on Fifth Avenue in NYC Is Closing: Details

F.A.O. Schwarz
The famous toy store F.A.O. Schwarz on NYC's Fifth Avenue is officially closing its doors after 145 years Ben Hider/Getty Images

Holidays and birthdays are ruined! The legendary NYC toy store F.A.O. Schwarz on Fifth Avenue is closing after 145 years on July 15, the New York Times reports. The company, which once had over 40 stores around the country, has had a rough run in the last couple of years due to rent and competition with Toys "R" Us and other discount stores.

F.A.O. Schwarz opened its doors in 1870, and was located in another spot on Fifth Avenue from 1931 to 1986. It moved to its current location between 58th and 59th Streets and adjacent to the Apple Store in 1986.

Tom Hanks in Big
Tom Hanks in Big Courtesy of 20thCentFox/Everett

The massive department store (toys, candy, treats, galore!) is home to some of the biggest hits in film history. In 1992, it was featured in Home Alone 2: Lost in New York, and was renamed Duncan's Toy Chest. But its perhaps best known for being featured in Tom Hanks' 1988 smash Big, where his character Josh plays "Chopsticks" on a giant floor piano.

Fifth Avenue may become a little less crowded come July, but another F.A.O. Schwarz is set to open before 2016. Toys "R" Us, which now owns the iconic establishment, announced the news on Friday.

"The company is committed to the F.A.O. Schwarz brand," the statement read, "and growing its legacy."

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