Toy retailer to close 70 stores

Tuesday, Dec. 24, 2002 | 9:46 a.m.

KING OF PRUSSIA, Pa. -- Troubled toy retailer FAO Inc. said Monday it will close 70 underperforming stores by March as it attempts to return to profitability.

The company said 55 of the stores to close would be Zany Brainy stores, which sell educational toys. FAO, which is based in King of Prussia, Pa., near Philadelphia, also owns FAO Schwarz and The Right Stuff.

"In the current retail environment, these locations have simply not developed to an economically viable level," the company said in a statement. The company didn't name the stores that will be closed. In Las Vegas, the company owns an FAO store in the Forum Shops at Caesars.

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