One of the world's most iconic toy stores is shutting down

Toys “R” Us is closing its iconic flagship store in New York City’s Times Square at the end of this month.

The retailer is not renewing its lease on the 110,000-square-foot store, which features a giant indoor ferris wheel, a life-size Barbie dollhouse, and a 20-foot Tyrannosaurus-Rex dinosaur, CNN Money reports.

“It is certainly bittersweet,” Toys “R” Us CEO Dave Brandon told CNN Money, referring to the rush of shoppers in the store for the final Black Friday at the Times Square location.

We reached out to Toys “R” Us and will update when we hear back.

Toys “R” Us also recently closed the iconic FAO Schwarz flagship, citing rising rent costs.

The FAO Schwarz store, known for its giant toy piano, was a major tourist destination made famous by the 1988 movie “Big,” starring Tom Hanks.

The closure left the 153-year-old brand without a physical store, though FAO Schwarz-branded products are still sold at Toys “R” us.

The Toys “R” Us flagship in Times Square opened in 2001.

A company spokeswoman told in October that Toys “R” Us is searching for another space for a flagship store.

“We continue to search for a new flagship location in midtown Manhattan,” Toys “R” Us spokeswoman Kathleen Waugh told the newspaper.

NOW WATCH: Lexus just revealed exactly how they made the hoverboard everyone is talking about

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In

retail retail-us