Wollongong's Uncle Pete's Toys has announced "the end of an era", posting on social media that the store will not reopen.
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When the Mercury visited the store on Monday the doors were still open, but staff said they would close for good on Tuesday.
Working among many empty shelves and heavily discounted toys, a staff member said she had found out before Christmas that "things were bad".
The toy store, which has been in Wollongong Central for decades, had been quiet for some time.
The shop is next to Best and Less in the old food court at the north-eastern corner of Wollongong Central, which has been almost deserted since the opening of the Keira Street expansion last October.
The toy store's operators - Seaside Toys Wollongong Pty Ltd - filed for administration on January 5.
There are Uncle Pete's stores at Shellharbour, Manly Vale, Dubbo, Castle Hill and Brookvale, but it is not known if these are not affected.
"Hello loyal Uncle Pete's Toys family, friends and customers," a post on the Wollongong store's Facebook page said.
"Today marks the end of era in the toy industry. As of today our Wollongong store has closed down and will not reopen.
"We would like to thank you for supporting your independent business and providing memories to savour. Thank you and in our final address always remember that Uncle Pete's Toys are Magic!"
When asked about Uncle Pete's closure, Wollongong Central centre manager Nathan Yeo said it was "still trading at this stage" and that GPT was "working with them".
He said GPT would like to turn the area outside the toy store into a children's precinct, in which a store like Uncle Pete's would "fit in very well".
"Best and Less is the anchor tenant of that end of the centre, but we see it as, long-term, being our kids' precinct," he said.
Mr Yeo said GPT hoped to set up a children's play area and "mother-friendly" cafe and was working to put that together in the next couple of months.
Administrator Danny Tony Vrkic, of Market Street, has been appointed to handle the Uncle Pete's administration, but was unable to be contacted by the Mercury on Monday.