Toys R Us closes flagship store in NY's Times Square, citing high rent; seeks new site

NEW YORK, N.Y. – After welcoming tourists for 14 years, the over-the-top Toys R Us in Manhattan’s Times Square is closing its doors.

Wednesday marked the last day of business for the company’s flagship location.

The 110,000-square-foot space was home to a 60-foot Ferris wheel, a 20-foot animatronic T-Rex and a life-size Barbie dollhouse.

The store’s closing follows the July shuttering of another iconic New York City toy store, F.A.O. Schwarz.

A spokeswoman says company officials decided not to renew their lease to save money on rent.

She says the company is looking for a new flagship location in Manhattan.

An agent for the building’s owner says retailers Gap and Old Navy have signed leases in the space.