How to end a long term friendship

How does one end a long friendship with another? The friend has become toxic to the individual who wants to "break up".
Any thoughts on doing it eloquently?

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Colonelmustardseed · 36-40

Say you’ve valued your friendship over the years, but how they’re being is toxic; and that you can’t have that in your life. Maybe they’ll change or maybe it’s over forever, but they should know.