Play-time is over for FAO Schwarz, as world's most famous toy store shuts down

Tom Hanks danced on a large floor piano there in the movie Big. 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, one of the best-known toy stores in the world, closed on 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 Manhattan.

"It's the end of an era, it sucks. It's a great store so it should probably remain in its original home," said Flo Marinez, who, as a teenager, once had a sleepover inside the store.

FAO Schwarz says it is the oldest toy store in the US, with a New York City location since 1870. Reported celebrity sightings - Kim Kardashian and Kanye West before they were parents; mothers Angelina Jolie, Britney Spears and Victoria Beckham - have helped fuel the fantasy since the flagship store opened in 1986.

But generations of ordinary families have also revelled in three levels of toys and candy.