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Vise Tightens on FAO Schwarz
Shares in FAO Schwarz parent FAO Inc. (FAOO Quote) fell sharply Monday for a second straight session as the children's retailer's cash crisis deepened.
The stock was down 34 cents, or 20%, to $1.39, having plunged about 60% Friday, after the Pennsylvania-based company, best known for its flashy Manhattan toy store, said it received default notices from lenders.
The company added it is in discussions with the lenders, who have effectively closed its lines of credit, but wouldn't speculate on the outcome. ...
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