Manager Mark Buschhaus and assistant manager Stephen Barnes were made redundant when the retail giant collapsed last year.
But the pair has decided to continue in retail, opening their own shop, Toy Barn Haus, in time for Easter in County Mall in Crawley (pictured).
Buschhaus, who was based in the Crawley branch of Woolworths said: "We think there's a gap in the market for selling toys since Woolworths and the Disney Store both closed.
"It's such a big area we feel there's a good opportunity. We are excited but we don't know how it will work out. It will just be the two of us working to start with but we hope to look at recruiting in the local area. There are lots of good Woolworths people out there."
He continued: "It was upsetting when we closed the store so it's good to be back in business. We have pushed for a quick lease and we hope to open before Easter."