Toys 'R' Us to Close Times Square Store Dec. 30: Report

By DANIEL HUBBARD

Nearly 400 people will get a pink slip for the new year when Toys “R” Us closes its iconic Times Square store Dec. 30.

The Wayne-based retailer announced earlier this year it would close the flagship store in New York City due to rising rent costs, Crain’s New York reported earlier this year.

The world’s largest toy retailer will open a 55,000-square-foot store inside the American Dream center in the Meadowlands, New Jersey, in 2017.

The Times Square store opened in 2001. Gap Inc. will reportedly take over the space, Crain’s reported.

Toys ”R” Us purchased FAO Schwartz in 2009 and closed that 5th Avenue store, but another is also scheduled to open at the American Dream complex.