Saks Says FAO to Run Its Toy Departments
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Saks Inc. said FAO Inc. would run toy departments in 245 Saks stores starting in the second half of this year and add boutiques for Zany Brainy educational toys and Right Start infant products in time for the holidays.
Saks, based in Birmingham, Ala., also will buy a minority stake in FAO. Terms weren’t disclosed. FAO won’t sell toys in the company’s 61 Saks Fifth Avenue stores and 52 Off 5th stores.
FAO, based in King of Prussia, Pa., has filed a plan to exit Chapter 11 bankruptcy protection by April.
Saks shares fell 78 cents to $7.71 on the NYSE. FAO shares fell 4 cents to 26 cents on Nasdaq.
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