Shop Direct to Relaunch Woolworths
Shop Direct has purchased the recently collapsed Woolworths, and will relaunch the British retailer as an online brand. Woolworths was forced to close all 800 of their stores in December after going into administration and failing to find a buyer.
Shop Direct, which is owned by Sir David and Sir Frederick Barclay, owners of The Daily Telegraph, plans to re-launch Woolworths as an online retailer later this year.
Mark Newton-Jones, chief executive of Shop Direct, said: "It is clear that the British public has a great affection for Woolworths. It is still deeply loved and despite losing its way is an important part of the country's retail heritage."
"This is great news and we are confident that Woolworths, as an online brand, will once again prosper. In what will be Woolworths' 100th year, we are proud to be reviving the brand," he added.
Shop Direct is an online retailer with annual sales of around £1.6 billion.