At around 2.15pm on Thursday September 20th, the teenagers were walking on Barton Street when they were approached by the men, who have all been described as Asian.
The men threatened the boys and demanded that they hand over their money and phones.
One of the boys eventually handed over a £5 note and the men left the scene via Lord Street West.
DC Dan Perkins said: "Fortunately the boys were uninjured but they were clearly left extremely shaken by what had happened and so I would appeal to anyone with any information that could help to contact us."
The first man has been described as Asian, between 16-19 years old, around five feet 10 inches tall and of stocky/fat build.
He has shaved hair, and his face appeared clean shaven. He wore a black, zip up, leather look jacket with epaulets on the shoulders, dark blue jeans and light coloured boots.
The second man was described as Asian, between 16-17 years old, of slim build and around five feet seven to eight inches tall.
He had close cropped facial hair and wore a light blue Nike cap, dark coloured hooded jacket with a green inner lining to the hood, dark blue jeans and trainers with white soles.
Officers believe a third man was also involved but they do not have a description at this stage
Anyone with information is urged to contact DC Dan Perkins at Blackburn CID on 01254 353564 or by calling 101 quoting reference number EA1208431.
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