They probably had a very long term lease, taken out many years ago, that was so far under market, it was likely the majority of their store profit. [there are thousands of businesses out there in that situation: They would not be profitable businesses if they had to pay contemporary lease rates.] If you go look at pix of the store, it is not a Saks Fifth Avenue deal, it’s more like a mom & pop store.
And this article https://abc7news.com/jeffreys-toy-store-mom-and-pop-business/573148/ says the landlord wanted a 500% rent increase.
not “so far under market” anymore is it?
For a going concern with strong business, a rent increase should not be a big deal.
The problem is that when you have your business has been killed you can’t afford the rent at any costs.