- by Jason Gregory
- Monday, February 02, 2009
- Photo by: WENN.com
- filed in:
The collapsed high street chain Woolworths is to be resurrected as an online retailer.
The brand, which closed last month as a result of the economic downtown, has been bought for an undisclosed sum by Daily Telegraph owners, Sir Frederick and Sir David Barclay.
Woolworths chief executive Mark Newton-Jones said he was confident that the company could “prosper” online.
"It would have been a tragedy should the name have disappeared,” he said. “It is an iconic name."
Only a small number of the 27,000 permanent and temporary Woolworths staff are expected to be given jobs.
The Barclay brothers' retail company Shop Direct Group already boasts an extensive portfolio of online brands.
Woolworths, which had been a fixture in Britain’s towns for 99 years, entered into administration last November.
The company was the first major high-profile retail victim of the global financial crisis.
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