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News, features and resources for media and publishing professionals. Friday, November 23, 2001 Blogs | Subscribe | Interviews | Events | Films | Book Blog Media Cynic | Forum | Advertising | Classifieds | Jobs The Right Start to Purchase FAO Schwarz The Right Start Inc. announced that it had reached an agreement to purchase certain assets of FAO Schwarz including its flagship Fifth Avenue Store, 22 stores around the country, Internet and catalog operations and rights to the FAO Schwarz name from Royal Vendex KBB of the Netherlands. The transaction is subject to regulatory approval and certain third-party consents and is expected to close in January 2002. Jerry R. Welch, chief executive officer of Right Start, said, ``FAO Schwarz is a 140-year-old brand and an American icon. It is one of the most storied retailers in our country's business history and has created generations of loyal customers. We are deeply honored to be entrusted with protecting the integrity of this brand.'' ``FAO Schwarz is delighted to become part of The Right Start and Zany Brainy family of high-quality, educational brands for toddlers and children,'' said Bud Johnson, CEO of FAO Schwarz. ``By leveraging the collective strengths of the three organizations as leaders in specialty retailing, we will continue to enhance the position of FAO Schwarz as the ultimate toy store and the premier luxury lifestyle brand for children.'' The Right Start Inc. is a national specialty retailer of developmental, educational and care products, toys, games, books and multimedia products for infants and children through age 12. The Right Start brand originated in 1985 through the creation of the Right Start Catalog. The Right Start now operates 256 retail stores nationwide, including 187 Zany Brainy stores, and is based in Calabasas, Calif. In August 2001, Wells Fargo Retail Finance provided $115 million in financing for The Right Start for the acquisition of Zany Brainy Inc. Related Links: · The Right Start Inc. · FAO Schwarz · Online Toy Store Links Click here to return to the homepage of The Write NewsTM Click here to subscribe to our free weekly email newsletter. www.writenews.com Copyright © 1997-2007 by Writers Write, Inc. All Rights Reserved.