It's a sad day for toy lovers and the kid in all of us.

The iconic toy store FAO Schwarz announced Friday that it will be closing its store on Fifth Avenue in Manhattan on July 15. The closure is the result of rising rents, according to Bloomberg Business.

Frederick August Otto Schwarz, a German immigrant, opened his first toy store in New York in 1870, which became known as FAO Schwarz in 1900, eventually becoming one of New York's most famous destinations. At one time, FAO Schwarz had 40 stores around the country, but now, only the store at Fifth Avenue remains, according to The New York Times. FAO Schwarz has been at its current location since 1986.

But all hope is not lost yet. The store that served as the backdrop for that classic scene from Big (you know the one) is now scouting for new locations in New York. Toys "R" Us, which acquired FAO Schwarz in 2009, will continue to sell a line of FAO Schwarz toys online and in stores.

Unfortunately, the rise of discount and online retailers has posed big competition for brick-and-mortar toy stores like FAO Schwarz and Toys "R" Us, which plans to close its Times Square location in 2016. Increasing interest in digital toys and video games has also hurt toy stores across the country.

If only we had a real-life Zoltar to tell us everything is going to be OK.

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