View Full Version : FAO Files For Bankruptcy

Prince Xizor
01-13-2003, 03:58 PM
I just read this on Yahoo! News:

NEW YORK (Reuters) - FAO Inc.(Nasdaq:FAOO - news), the parent of FAO Schwarz and Zany Brainy toy stores, on Monday filed for Chapter 11 bankruptcy protection, succumbing to weak sales and intense competition from discounters.

The 141-year-old company, known for its flagship Fifth Avenue store in Manhattan where Tom Hanks danced "Chopsticks" on a giant piano in the movie "Big," said it will close 75 to 80 of its 253 stores, up from the 70 it announced in December. It sought protection from creditors after last month asking lead lender Wells Fargo Retail Finance to relax credit terms. (continued on Yahoo! News)

While I do hope for the best for all the employees of the company, this kind of comes as good news. I hope this means that Hasbro will not be giving them any more overpriced exclusives, and hell, maybe it means they will be giving the shuttle to someone else, because I really don't want to pay $100+ for that thing.

01-13-2003, 07:01 PM
I feel bad for the employees, but on the other hand I hate FAO. Theres no reason to sell the figures for 10 each and why would a kid need a $35,000 mini Hummer. They needed to get off their high horse long ago and stop pretending that they are better than all of us.

Teeska Mon Eebon
01-13-2003, 08:41 PM
Yeah what Turbowars said I hated how every thing was jacked up way higher than everywhere else and then they'd have the cool stuff I couldn't find anywhere else so it seriously serves them right.... And that would be cool to give the Shuttle to someone else but if not it'll be one heck of a collectable! ya'know last thing they made before the boom!

Teeska Mon Eebon
01-13-2003, 08:42 PM
oh and lol at the prolly accidental pun about the horse.... (See Las Vegas FAO Schwartz store)

01-14-2003, 12:21 AM
I've always liked going into FAO stores but have NEVER bought anything from them. The prices are a huge turnoff. That's why I'm not getting the shuttle. I'm all about Classic Star Wars vehicles but I'm passing.

01-14-2003, 01:16 AM
Note it says bankruptcy protection, not bankruptcy, there is a big difference. The Shuttles will not be affected in any way whatsoever!

That said, Hasbro may rethink doing any more FAO exclusives for the time being.

Maybe it should just not do any exclusives...

Old Fossil
01-14-2003, 08:50 AM
Originally posted by ShakkaUK1977

Maybe it should just not do any exclusives...

I hear you! Unfortunately, that's the only way a lot of cool stuff gets produced, i.e., TIE Bomber, 12" Luke & Tauntaun, etc.

01-14-2003, 09:07 AM
I had a friend that worked there in 2001. They knew then that things were ridiculious. She was in STL and knew the store was closing...also that the Chicago store was going to also. STL did but Chicago didn't (despite paying a rumored 40k a month in rent for there space on Michigan Ave). I was at the firehouse the other day and called to see if they were going to be getting any of the Shuttles in and they said this store has been closed since Jan 1. Now my question is, what are they going to be doing with the stock? I would love to get my hands on some of the discounted GI Joe stuff, but I don't want to mail order because they are frequently destroyed boxes because they are so big!

01-14-2003, 08:22 PM
Originally posted by Teeska Mon Eebon
oh and lol at the prolly accidental pun about the horse.... (See Las Vegas FAO Schwartz store) LOL, I been to that Vegas FAO lots of times. I know, after I typed that I thought of the huge Horse. Great store, just never had anything to buy.

Sidiously Darth
01-14-2003, 08:29 PM
Hey! Who's falling down on the job of merging threads. I started one about this subject back in December. Here's the link if anyone cares.:D


Prince Xizor
01-19-2003, 06:23 PM
Alright so I went to the FAO in Boston today and everything in the store was marked down 30%. And guess what, Star Wars figures were still $2 more than at Walmart or TRU, not to mention there selection blew.