Woolworths offered online lifeline

 

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By Stuart Turton

Posted on 2 Feb 2009 at 09:12

Woolworths will be relaunched as an online brand, the company has announced just weeks after shutting its doors for the final time.

The brand has been bought by Shop Direct which also owns Littlewoods. The company says it plans to launch the new-look Woolworths in the Summer.

Woolworths had debts of around £385 million and went into administration in November after efforts to rescue the high-street brand failed.

However, administration company Deloitte also struggled to find a buyer for the troubled retailer, costing 27,000 jobs and forcing the closure of 807 stores.

"Woolworths is a much-loved brand that engenders huge affection among British consumers and is an important part of the country's retail heritage," says chief executive Mark Newton-Jones.