The retailer is not renewing its lease on the 110,000-square-foot store, Toys "R" Us spokeswoman Alyssa Peera told Business Insider.
"We continue to explore alternative locations in the area," Peera said. "This process is ongoing."
Toys "R" Us also closed the FAO Schwarz flagship store this year, citing rising rent costs. The New York City-based FAO Schwarz store, known for its giant toy piano, was a major tourist destination made famous by the 1988 movie "Big."
Toys“R”Us Times Square opened in 2001 and boasts a 20-foot animatronic T-Rex dinosaur, a 4,000-square-foot, two-story Barbie dollhouse, and dedicated areas for interactive play, in addition to its well-known giant Ferris wheel.
For more information on New York City's most interesting brick and mortar locals, check out the "NYC 2016 Virtual Store Tour" session at NRF's Big Show 2016. This highly visual store tour presentation features video, photos, downloadable content and a tour map to provide inspiration and motivation to make the most of a visit to NYC.
Click here for RIS News' annual look at the must-see sessions at retail's biggest event of the year.