KING OF PRUSSIA, Pennsylvania – October 12, 2003 – The U.S Bankruptcy Court for the District of Delaware has approved the appointment of a joint venture led by SB Capital Group, LLC to liquidate all FAO Schwarz and Zany Brainy stores nationwide.
Clearance sales, operated by the joint venture, started December 4, following the filing of a Chapter 11 petition by FAO, Inc. With the approval of the court, the sales are now being conducted as huge “Going Out of Business” and “Store Closing” sales with tremendous discounts throughout the stores.
The sales being conducted by SB Capital Group and partners include the famed New York flagship FAO Schwarz store on Fifth Avenue. FAO Schwarz was founded in 1862 by German immigrant Frederick August Otto Schwarz. FAO has been in New York City since 1870 and on Fifth Avenue, within sight of other landmarks like Central Park and the Plaza Hotel, since 1931.
“This is truly a once in a lifetime opportunity to get across-the-board discounts on the high quality toy, hobby and educational products for which these premier retail brands are known” said SB Capital principal Scott Bernstein.