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The massive Toys"R"Us in Times Square is closing

So long, massive indoor ferris wheel

Image: AP/Press Association Images

NEW YORK CITY is set to lose another landmark toy shop when Toys”R”Us shutters its Times Square flagship store on 30 December.

The location, which boasts 110,000 square feet, will close after the toy chain declined to renew its lease, which expires in January. The store first opened in November 2001.

Closing Times Square enabled Toys”R”Us to “realise meaningful rent savings,” a company representative said.

“We have not signed a lease agreement for a new location at this time, but we are actively searching for another location in Manhattan.”

The company continues to operate 17 locations of Toys”R”Us and Babies”R”Us in the greater New York area, the representative added.

TOYS R US The store has a giant ferris wheel which will now be out of a job. It may sue for funfair dismissal. (Sorry) Source: AP/Press Association Images

The move comes on the heels of the closing of the iconic toyshop FAO Schwarz on Fifth Avenue earlier this year.

At the time, Toys”R”Us, which owns FAO Schwarz, cited soaring real estate costs, but said it could reopen FAO Schwarz elsewhere in Manhattan at a future date.

Conventional specialty retail chains like Toys”R”Us are under pressure from general merchandise retailers like Wal-Mart and Target that sell toys, as well as from Amazon and other online stores.

On 15 December, Toys”R”Us reported a loss in the third quarter of $167 million.

- © AFP 2015

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