A foldable playyard (10) comprises upper and lower frame assemblies. The lower frame assembly comprises a unitary central hub member, corner leg connecting members (84, 86, 88, 90) preferably in the form of support feet, and hub legs diverging radially outwardly from the hub member. The upper frame assembly includes corner rail connecting members (92, 94, 96, 98) and pairs of in-line side rails which are pivotably coupled at their outer ends to adjacent corner rail connecting members and at their inner ends to a medial rail connecting member. Corner legs interconnect and are freely coupled to the upper and lower frame assemblies. In one embodiment, the medial rail connecting member houses a hand releasable latch mechanism. In other embodiments, a hand releasable latch mechanism is rotatable with the side rails between latched and released positions. When the playyard is erected, the hub legs and side rails maintain the corner legs upstanding in a spread configuration. When the hub legs and side rails are collapsed, they draw the corner legs towards the hub member and into a compact configuration. For safety purposes, the rail pairs cannot be collapsed unless the latch mechanism is released. A discrete foldable floor having rigid sections is foldable into a box-shape for carrying the collapsed playyard.