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Known for its iconic Ferris wheel, piles of candy and endless stream of stuffed animals, Toys “R” Us in Times Square will finally be closing, according to Pix 11.
This multi-story store has held this mid-town location since 2006, but the lease for the building expires in January 2016. Brad Mendelson, the vice president of Toys “R” Us’ real estate firm, told CNN Money that the entire store takes up 110,000 square feet and that the ground floor costs $2,500 per foot per year.
“They did not renew subject to their option. That was their choice,” Mendelson told CNN Money.
This closing comes after the company closed FAO Schwarz, another mid-town toy store, due to rent costs.
Linda Connors, a member of Toys “R” Us, told CNN Money that there she cannot confirm whether or not the company will be relocating.
“We have not signed a lease agreement for a new location and any rumors regarding this ongoing process are just that,” said Connors to CNN Money.
In addition to the Times Square location, the company currently has 1,500 stores around the world. Over the years, they have also expanded to include selling items such as baby clothes, with their Babies“R”Us exclusive brand.
However, the company won’t be giving up their famous Times Square store just yet. Geoffrey the Giraffe will be greeting customers until the end of December when the store will finally be shutting its doors.
-by Connie Lee