FAO Schwarz, the iconic toy store on New York City's Fifth Avenue, will close its doors on July 15.

Toys "R" Us, which owns FAO Schwarz, announced that it will close the store because of rising rental costs.

FAO Schwarz has been a fixture in New York for nearly 150 years and was famously featured in the Tom Hanks film "Big."

But don't fret, toy lovers. Toys "R" Us is seeking another Manhattan location for FAO Schwarz, possibly near Times Square.

In a statement, Toys "R" Us said, "The company is committed to the FAO Schwarz brand and growing its legacy."

Watch more above.

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