Toys R Us has announced its purchase of FAO Schwarz. According to the AP, "Toys R Us will operate FAO Schwarz's flagship store in New York City and a second store at Caesars Palace in Las Vegas. FAO Schwarz's Web site and catalog will continue to use the company's name." Toys R Us chairman and CEO Jerry Storch said, "We will work tirelessly to preserve the distinctiveness and integrity of the FAO Schwarz stores and brand as we grow the business and, indeed, take the brand to even greater heights." However, Storch did not details the financial agreement. FAO Schwarz has filed for bankruptcy protection twice and last year announced it would sell toys in Macy's stores.