Times Square will no longer have a Toys ‘R’ Us at the end of the year

The Toys 'R' Us Times Square location has been open since 2001. (AP)

Toys ‘R’ Us will be shutting down its flagship location in New York City’s Times Square at the end of December.

The 110,000 square-square foot store, which features a giant Ferris Wheel, life-size Barbie dreamhouse, and a Candyland candy store, opened in 2001. Company spokeswoman Alyssa Peera confirmed to Business Insider that the store will not be renewing its lease for 2016.

The indoor Ferris wheel is 60 feet tall. (Reuters)

"It is certainly bittersweet," Toys ‘R’ Us CEO Dave Brandon told CNN Money, during the store’s final Black Friday sale last week.

Toys ‘R’ Us recently closed down another iconic toy store-- the FAO Schwarz flagship near the Plaza Hotel—citing sky-high rent costs in Manhattan. FAO Schwarz-branded products are still sold at Toys ‘R’ Us.

Peera told Business Insider that the company is looking for another space to open a new flagship in the city but did not give a timeline for a potential reopening.

"We continue to explore alternative locations in the area," Peera said. "This process is ongoing."