Iconic Toys ‘R’ Us Times Square store set to close

The iconic three-story shop in New York City is due to close facing rising rent costs, reports say

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The iconic three-story Toys “R” Us store in New York City's Times Square is set to close its doors for good before the end of December.

Last week marked the flagship store’s final Black Friday.

“It is certainly bittersweet,” said CEO Dave Brandon, in an interview with CNNMoney.

The store is famous for its indoor Ferris wheel, life-sized Barbie house and T-Rex robot. After this holiday season, however, the store will be packing up its shelves and its memorable Lego section with detailed sculptures of the Statue of Liberty and the Empire State Building.

The 110,000-square-foot store has been in Times Square for 14 years.

Almost 400 jobs will be cut along with the closing of the store on Dec. 30, reported New-York based Crain’s business daily, citing rising rent costs.

The rise of online retailers such as Amazon has strained the store’s foothold in the market.

Gap Inc. will take over the space, according to news website Crain's.

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