I don't think it's merchandise. A photographic composition is created with sophisticated lighting, and this is just an amateur flash. It feels like an exhibit to me, but the caption I got it from says 1981 ruling out Plymouth Muppet Traffic Safety Show which is the first thing I thought of.
I'm not sure it's strictly amateur, but Bunsen's head position does look odd, so good point (and the Beaker eyes would fit better there). It's Christmas-themed, again, so maybe a store display. We know they did a lot of those, or special events for them. Probably be something obscure where we wait for someone to say "Hey, I went to that!"
She still seems to have access to some stuff, judging from the Red Book and Imagination Illustrated, but it seems to be more records (like the call sheets to Great Muppet Caper), Jim's personal notes, and publicity pics. If this was used to promote something, she'd probably know, but otherwise, yeah. Disney has cut off access to their own archives for researchers, some years back, outside of anyone they officially approve and sanction, so I'm not too sanguine about anything else which they acquired.
She knew right away... it was for a Selfridges display.
I googled it to see if I could find any other info and I found an eyewitness account of a third display with Kermit and Robin (apparently as the Cratchits) in a 2004 display on Bond St. That wasn't too long ago. I wonder if anyone's got pictures of it.