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New York Toy Story Will Unwrap on Thanksgiving

BY CSA STAFF

New York City, FAO Schwarz is unveiling its redesigned flagship store on Fifth Avenue at 58th Street in New York. City. The store is scheduled to open its doors at 10 a.m. on Thanksgiving Day, Nov. 25. Its launch follows the Oct. 22 reopening of FAO Schwarz’s Las Vegas store, located within The Forum Shops at Caesars Palace.

“We are building on the store’s 142-year legacy, preserving the tradition of exceptional quality and service that has always defined FAO Schwarz while enhancing the store experience for a new generation,” said Jerry Welch, FAO Schwarz’s CEO. “At the same time, our new Web site and the FAO Schwarz catalog give us additional channels to reach customers across the globe.”

The store, which was redesigned in collaboration with the Rockwell Group, features a breathtaking Grand Hall adorned with more than 20,000 computer-controlled colored lights, a giant dance-on piano keyboard, and “FAO Schweetz,” a classic New York ice-cream parlor serving desserts.

FAO Schwarz was founded by Frederick August Otto Schwarz, who opened his first store in Baltimore in 1862 and relocated to lower Manhattan in 1870. The New York City flagship store moved to its current location in 1986.

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Cost Plus 3Q Income Falters Despite Higher Sales

BY CSA STAFF

Oakland, Calif., Cost Plus reported net income of $400,000 in the third quarter, down from $900,000 in the year-ago period. The merchant’s sales were up 12% to $190.4 million, helped by comps growth of 0.5%.

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Knight Stepping Down at Nike

BY CSA STAFF

Beaverton, Ore., Nike Inc. co-founder Philip Knight, 63, is stepping down as president and CEO of the athletic shoe and apparel company he made into a $12 billion brand. His successor will be William D. Perez, president and CEO of S.C. Johnson & Son. Knight, who will retain the title of chairman, is expected to remain an active presence in the company.

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