Goodbye to Toys "R"Us Times Square Flagship

Toys "R"Us will close its iconic flagship store in Times Square Wednesday due to rising rental cost.

Toys"R"Us, the world's leading retailer dedicated to toy and baby products, currently has 865 stores in the U.S., and 750 international stores and more than 250 licensed stores in 38 countries.

Since its grand opening in November 2001, the Times Square flagship has been a "must see" destination of the Big Apple, welcoming millions of kids each year.

Its astounding 110,000 square feet filled with everything from toys to trains to video games. Kids from all over the world enjoying marveling at the many attractions at the center of the Toy Universe, taking a ride on the 60-foot Ferris wheel, hearing the roar of the 20-foot animatronic dinosaur or making themselves at home in the life-size Barbie dollhouse.

"We are actively searching for another location in midtown Manhattan where we can welcome shoppers from around the world," CEO Dave Brandon told media.

The company also closed the iconic FAO Schwarz flagship store on the 5th Avenue this July, citing rising rent costs.

The FAO Schwarz founded in 1862, is known for its unique high-end toys, life-sized stuffed animals, dolls, and its famous floor piano.

Toys"R"Us on Dec. 15 reported financial results for the third quarter ended Oct. 31, 2015.

Consolidated net sales were 2,331 million U.S. dollars, a decrease of 128 million dollars compared to the prior year period. The flat net sales resulted from increases in same store sales in the International segment, partially offset by a decline in same store sales in the Domestic segment.

Same store sales increased by 0.6 percentage point led by International same store sales growth of 2.9 percent, which was driven by improvement in the learning and baby categories.

Domestic same store sales were down 0.9 percent due to a decline in the baby and entertainment categories, partially offset by an increase in the learning category. Endit