Entrepreneur Ken Hakuta said Wednesday he is in talks to buy toy direct marketer FAO Schwarz from bankrupt parent FAO Inc., according to wire service reports.
Hakuta has hired as an advisor the Peter J. Solomon Co. which is located in the same building as the flagship FAO Schwarz store in New York.
Hakuta is known in the industry for developing unconventional toys.
FAO, which last week filed for Chapter 11 bankruptcy protection for the second time this year, has until Dec. 15 to find a buyer for both its FAO Schwartz and Right Start, its cataloger and retailer of baby apparel.
In a separate development, FAO has hired DJM Asset Management LLC, to dispose of the leases of 89 Zany Brainy stores.
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