X-Wing Sculpture at FAO Schwarz, 2005

FAO Schwarz is the name of a high-end toy store chain founded in New York City in 1870 by German immigrant, Frederick August Otto Schwarz. The original name of the store was Toy Bazaar. (The company traces its history back to 1862 in Baltimore, when Schwarz first began retailing toys from his fancy-goods store there.) It is known for its offering rather exotic gifts for children, such as a gas powered, miniature Mercedes-Benz for children under ten costing several thousand dollars.

FAO Schwarz was notably featured in the 1988 Tom Hanks film Big, in which Hanks and Robert Loggia played "Heart & Soul" and "Chopsticks" on the store's signature 22-foot piano.

At its height, the chain had a total of 40 stores throughout the United States. In 2001, The Right Start Company bought 22 of the 40 stores, and the other 18 unsold stores were immediately closed. In December 2002, Right Start, the then parent of FAO Schwarz, filed for bankruptcy. They would emerge from bankruptcy in April 2003 only to re-enter it in December 2003, forcing all stores to close. After FAO Schwarz was again sold to its new owners, hedge fund D. E. Shaw & Co., L.P., the New York City and Las Vegas stores reopened on Thanksgiving Day 2004. The New York City store, on Fifth Avenue, is still very popular, and a famous destination in the city. The store was redesigned by architect David Rockwell of The Rockwell Group in collaboration with Paul Gregory of Focus Lighting in 2004. The 5th Avenue flagship store now features a large open front area and award-winning lighting which includes almost 80,000 LED lights mounted on the ceiling above the main atrium space.

Text from: en.wikipedia.org/wiki/F.A.O._Schwarz