FAO's Best & Co. closes
By Staff -- Gifts and Dec, July 14, 2009
GREENWICH, Conn.—Luxury children’s clothing retailer Best & Co. has ceased operations following a Chapter 7 bankruptcy filing in late June.
FAO Schwarz acquired Best & Co. for an undisclosed sum in late 2007. The storied toy retailer’s then CEO Ed Schmults called the move “a strategic addition to the FAO Schwarz portfolio” that would “further transform FAO Schwarz into a comprehensive lifestyle brand.”
Best & Co. operated a flagship store in tony Greenwich, Conn., a second location in Nantucket, Mass., and a boutique in Bergdorf Goodman in New York City. The retailer was founded in 1879 but was out of business for nearly three decades years before being revived by Susie Hilfiger, the wife of fashion designer Tommy Hilfiger, in 1997.
Post-acquisition, select items from FAO Schwarz’s private label toy collection had been featured in the Greenwich store.
The retailer was reportedly in trouble long before the recession hit, according to Reuters, having lost money for several years, including $10 million in 2007, a year in which demand for expensive children's products was still robust.
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