CNN Money reports that the company's lease ends January 2016.
According to Brad Mendelson, vice chairman of retail services at Cushman & Wakefield, the company has not renewed their lease for the 110,000 square foot space.
Linda Connors, a spokeswoman for Toys 'R' Us, was quoted as saying that they are currently reviewing their lease renewal options, and that they have not yet signed a lease for a new space.
Building owners are currently in talks with other retailers who may want to take over the space.
An article posted Nov. 29 on Spoiled NYC reports that the flagship store will be closing its doors for good Dec. 30.
The site, located at 1514 Broadway at the corner of Broadway and 45th Street, was occupied by Broadway's Olympia Theatre 1895-1935.
Criterion Center Stage Right stood at the corner of 44th and Broadway 1988-1999. It was leased by Roundabout Theatre Company 1991-1999 before Toys 'R' Us took over in 2000. Such performances as the 1993 revival of Eugene O'Neill's Anna Christie starring Liam Neeson and the late Natasha Richardson and the 1995 revival of Stephen Sondheim's Company played in the space.