Under Armour Takes Former FAO Schwarz Store on Fifth Avenue
July 26 2016 - 12:50PM
Dow Jones News
By Keiko Morris
Athletic wear company Under Armour Inc. is taking over the
former FAO Schwarz flagship toy store on Manhattan's Fifth Avenue,
its chief executive said in an earnings call Tuesday.
The Baltimore-based company expects to move into 53,000 square
feet of retail space at the base of the General Motors Building by
the middle of 2019 by the latest, CEO Kevin Plank told
analysts.
FAO Schwarz, which is owned by Toys "R" Us Inc., had occupied
the space for almost three decades before closing the store last
summer. At the time, the toy company cited rising operating costs
at the location as its reason for closing.
The 50-story office tower, owned by real-estate investment trust
Boston Properties Inc., sits at Fifth Avenue between West 58th and
West 59th streets, a highly trafficked section near the corner of
Central Park and across from the Plaza Hotel.
Apple Inc. also operates its below-ground store, marked by the
large glass cube in front of the building.
Write to Keiko Morris at Keiko.Morris@wsj.com
(END) Dow Jones Newswires
July 26, 2016 12:35 ET (16:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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