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Toys R Us sells FAO Schwarz brand to ThreeSixty Group

Markets Associated Press

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

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

ThreeSixty, based in Irvine, California, said Tuesday that it plans to design a collection of toys under the FAO Schwarz brand and create in-store experiences for other retailers.

Financial terms of the deal were not disclosed.

Representatives for Wayne, New Jersey-based Toys R Us did not immediately respond to a request for comment.