The company, which has 22 branches across the North of England, Scotland and Northern Ireland, employs 223 people. Thirteen shops have been closed and 112 staff have been made redundant with immediate effect.
Eight stores remain open in Castleford, Harrogate, Leeds, Skipton, Manchester, Belfast and two in Sheffield.
Crawshaw said: 'Toyworld was acquired by Youngsters in September 2005 and was loss-making at the time. Despite the best efforts of management to turn the business around it proved unable to do so sufficiently quickly.
'Quieter trading over the Christmas period, together with difficulty getting stock out to stores during the period, further exacerbated the position, to the extent that the parent company is no longer prepared to continue to fund further losses. We shall be seeking a buyer for the remaining business and assets.'
No comments yet