Woolworths to return online
Monday 2nd February 2009, 9:52AM GMT.
The famous retailer Woolworths is set to return as an online store after the Barclays brothers, owners of the Telegraph newspapers, bought the brand from administrators.
Woolworths went into administration in November with more than 800 stores closing a month ago with the retailer in debt to the tune of £385 million.
Despite the move by Sir David and Sir Frederick Barclay to buy Woolworths, only a small number of former employees will return to work.
Shop Direct Group, owned by the brothers, bought the Woolworths brand and its children’s clothing label Ladybird for an undisclosed fee.
Chief executive Mark Newton-Jones said it would have been a “tragedy” of the Woolworths name had disappeared.
“We are confident that Woolworths, as an online brand, will once again prosper and quite rightly stay at the heart of British retailing,” he said.
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