Great expectations: FAO has a new boss and big changes are in store.(retail)(Company Profile)

Playthings, February, 2006 by Felgner, Brent

In less than five minutes of conversation, it becomes clear that Ed Schmults lives for the challenge. Just four months after taking over the day-to-day reigns at FAO Schwarz, he's already battle-hardened, having survived a critical holiday selling period at the humbled but still legendary toy emporium.

Now digging in for the real work ahead, Schmults is clearly on a mission to prove that both he and FAO are up to the task of reshaping the legacy merchant into a 21st century business that might very well survive another 144 years. For now, however, the 12 months ahead are the task at hand. Schmults is a high-energy, high-touch manager. Picking away at an ice cream sundae at FAO's flagship store in New York, he outlined the critical elements of his...

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