Multitudes of children wandered through the aisles over the years, hopped up on sugar from the candy store and wide-eyed with delight at the giant stuffed animals and other toys. And a fair number of parents winced at some of the price tags. FAO Schwarz on Fifth Avenue, probably the best-known toy store in the world, is closing Wednesday night. Owner Toys R Us announced the decision in May, citing the high and rising costs of running the 45,000-square-foot retail space on the pricey avenue. Though the flagship store is closing its doors for good, it may reopen elsewhere in midtown Manhattan. FAO Schwarz says it is the oldest toy store in the U.S., with a New York City location since 1870.
