FAO Schwarz sets its sights on China

NEW YORK (AP) — FAO Schwarz, whose famous New York store was closed two years ago, is setting its sights on China as it continues its revival begun late last year.

The toy retailer said Thursday it will open locations in Beijing and Shanghai this year through a collaboration with China's largest toy distributor, Kidsland. Kidsland will also open 30 smaller FAO Schwarz stores and shops in 200 department stores across China over the next five years.

FAO Schwarz also signed an agreement with Hudson Group, one of the largest travel retailers in North America, to open a chain of FAO Schwarz-branded airport shops in the U.S. and Canada. The first will open later this year.

Late last year, it opened shops in more than 5,000 retailers in the U.S.