P.M. BRIEFING : Prestigious Dutch Department Store Chain Buys FAO Schwarz

FAO Schwarz, a symbol of kiddie chic in America for decades, has been purchased by the Netherlands’ most prestigious department store chain, the Dutch buyer announced today.

NV Koninklijke Bijenkorf Beheer said that it bought FAO Schwarz for an undisclosed amount and that it will use the American toy palace’s prestigious name to expand its U.S. operations.

“FAO Schwarz is the preeminent retailer of fine toys in the world, and we are committed to building on FAO’s tradition of excellence,” Arie Maas, chairman of KBB, said in a news release.

At the up-market end of KBB’s Dutch operations is the Bijenkorf department store chain, whose flagship store is a landmark in the center of Amsterdam. Like FAO Schwarz, the Bijenkorf--”beehive” in Dutch--specializes in elaborate toys.