Briefcase: FAO Schwarz to close in July
NEW YORK – Toys R Us is closing its iconic FAO Schwarz store, citing the high and rising costs of running the retail space on New York City’s pricey Fifth Avenue.
The company said Friday it will close the 45,000-square-foot store July 15, and it is looking for another location in midtown Manhattan. FAO Schwarz says it is the oldest toy store in the U.S., as it has had a location in New York City since 1870. It moved to its current Fifth Avenue location in 1986.
The location features a candy store, numerous specialty toy departments spread across three levels, and personal shoppers. It has been featured in several movies, including “Big,” where Tom Hanks danced on its large floor piano.
Toys R Us, of Wayne, New Jersey, has been privately held since 2005. It bought the FAO Schwarz brand in 2009.
Lyft gains $100M investment
NEW YORK – Carl Icahn is joining the parade of investors in startups, hitching a $100 million ride with the ride-hailing service Lyft.
The billionaire activist owns stakes in Apple, Yahoo, Netflix, Hertz, Gannett and eBay, among many other publicly traded companies.
Users download Lyft’s app and use it to book a ride from a nearby driver, and they can also use the app to pay for their rides. In March, the company raised $530 million and valued itself at $2.5 billion. The privately held company said Friday it brought in $150 million in the new round of fundraising including Icahn’s investment.
Lyft, launched in 2012, says it operates in about 65 cities including New York, San Francisco and Washington, D.C. In the fall it rolled out a new service, Lyft Line, that matches up travelers with similar destinations so they can share a ride and save money.
Icahn said in a statement that he believes ride-sharing will become a key part of transportation infrastructure in the U.S. He also praised Lyft’s revenue growth and its management. Jonathan Christodoro, a managing director of Icahn Enterprises, will join the San Francisco company’s board of directors. Lyft didn’t comment on any other terms in the investment.
McDonald’s HQ protest returns
CHICAGO – A group that brought about 2,000 protesters to McDonald’s suburban Chicago headquarters in May 2014 is returning next week.
The Service Employees International Union is holding another demonstration in support of its campaign to increase the minimum wage of “quick service” restaurant employees to $15 per hour. The demonstration is planned to coincide with a meeting of McDonald’s shareholders.
About 5,000 fast-food workers from around the country are expected this time, said Garrett Church, support officer for the police department of Oak Brook, where the fast food giant is based.
U.S. oil, gas rig count drops
HOUSTON – Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by six this week to 888.
Houston-based Baker Hughes said Friday that 660 rigs were seeking oil and 223 explored for natural gas. Five were listed as miscellaneous. A year ago, 1,861 rigs were active.
Among major oil- and gas-producing states, Texas lost six rigs, Wyoming declined by two and Alaska, Arkansas, North Dakota and Pennsylvania each lost one.
Kansas gained four rigs, Louisiana increased by three and Oklahoma, Utah and West Virginia each gained one. California, Colorado, New Mexico and Ohio were unchanged.
The U.S. rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.