The independent chain had stores in Longford, Roscommon, Galway and Sligo. The Longford store has been closed for a number of weeks and Friel Stafford accountants in Dublin, has been appointed liquidator to the holding company behind the group, Newsround Toycity.
The firm is reported to have remaining assets of just over €600,000, which are to be disposed of.
Details contained in the company's statement of affairs shows it had debts of €1.2 million that relate to outstanding rents on its five locations.
The company's directors, Noel and Patricia O'Connor, put over €300,000 to the business in recent times to stabilise its finances before eventually putting the company into liquidation.
The Revenue Commissioners are reportedly owed €305,000 while local authorities are due €167,000 in rates.
Youngsters was the company's largest creditor, owed around €700,000, according to the statement of affairs.
It was only in 2007 when the company registered a profit of around €500,000, giving it a total of €1.7 million in retained profits.