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Byline: Lauren Coleman-Lochner
Nov. 20--The Right Start children's chain is buying 23 FAO Schwarz stores, including the flagship Manhattan store that draws hordes of holiday tourists with such features as a three-story singing clock, from Royal Vendex KBB NV for about $58 million.
But even the high-end storied site is facing new competition from the 110,000-square-foot Toys "R" Us store that opened in Times Square last week.
The FAO chain, which has struggled in recent years, will become part of a family that includes the Zany Brainy educational chain, which Right Start bought out of bankruptcy earlier this year for $100 million.
The 18 FAO …