- The Washington Times - Wednesday, March 18, 2009

NEW YORK (AP) - FAO Schwarz Inc. says it replaced its chief executive Ed Schmults with a former Bluefly.com executive.

New Chief Executive Barry Erdos is the former president, chief operating officer and acting chief financial officer at Bluefly.com. He has also been president and chief operating officer at Build a Bear Workshop Inc.

The 147-year-old toy retailer says the change is effective immediately. Schmults had been chief executive at FAO Schwarz since 2005 and resigned to pursue other interests. Under his tenure, the company signed a deal with Macy’s in 2008 to open up to 685 toy stores at Macy’s locations over two years.

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