Toys R Us has filed for bankruptcy in federal court Monday night. The chapter 11 filing is aimed at restructuring its outstanding debt. The retailer has been hurt by shrinking sales and increased online competition. Toys R Us was founded in 1948 and its headquarters are in Wayne, New Jersey. The company owns over 8oo Toys “R” Us and Babies “R” Us stores in the United States and Puerto Rico and does business in more than 37 countries. Formerly know as Children’s Supermart, its first store was in Washington DC at 2461 18th St. NW. It later moved to Rockville MD, where it changed its name to Toys R Us.