The purchase of FAO Schwarz Internet and catalog businesses and the purchase of stores in New York and Las Vegas was approved by Judge Joel B. Rosenthal on Monday, according to news reports.
The flagship FAO Schwarz toy store on Fifth Avenue in New York will be preserved, said the investment firm D.E. Shaw & Co. Inc., which is acquiring parts of the bankrupt FAO Inc. for $41 million.
The New York and Las Vegas stores will close for four to six months for renovation, and then reopen with high-end specialty toys for sale, reports said.
The plan is for the stores to stimulate Internet and catalog sales that will provide the most revenue resulting from the transaction, an Associated Press story said.
FAO Inc. filed for bankruptcy on Dec. 4, just months after emerging from another bankruptcy.
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