For the past several years, Toys“R”Us has been reviewing its lease renewal options for the FAO Schwarz Fifth Avenue location and one of these options was to not renew the lease agreement, which the company has decided to do. In working with the property owner, the company was able to agree on an early exit in advance of the 2017 lease expiration, providing the opportunity to realize meaningful rent savings. As a result, we plan to formally close the Fifth Avenue location on Wednesday, July 15. The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Avenue in New York City. The company is committed to the FAO Schwarz brand and growing its legacy. In fact, it is actively searching for another location in midtown Manhattan where FAO Schwarz can welcome shoppers from around the world. The company is working diligently to place as many full- and part-time team members as possible at Toys“R”Us and Babies“R”Us locations in the greater New York/New Jersey area.