The KB Toys chain has announced that it`s closing four stores in Arkansas after the Massachusetts-based company filed for bankruptcy. The Arkansas locations are in Fayetteville, Fort Smith, Hot Springs and North Little Rock. The only KB Toys store to remain open in Arkansas will be at Jonesboro. The closings are part of a company initiative to shutter one third of its locations. In its bankruptcy filing, the company blamed a very aggressive price war launched by large discount department stores and KB`s main competition -- Toys R- Us. The chain plans to close 375 of its 12 hundred 31 stores, laying off 35-hundred employees. Closing dates for the Arkansas stores will depend on how quickly merchandise is liquidated.