Woolworths
Woolworths is to be reborn as an online retailer after being bought by the Barclay brothers, owners of The Daily Telegraph

Woolworths is to be relaunched online after being bought by the owners of The Daily Telegraph, Sir David and Sir Frederick Barclay.

The high street chain went into administration in November and 800 stores across the UK closed last month as the group failed to cope with debts of £385m.

Only a very small number of Woolworths' 30,000 staff are expected toget their jobs back as part of the relaunch of the brand as an online retailer.

Woolworths and its children's clothing label Ladybird are being bought by the Shop Direct Group, owned by the Barclay brothers, for an undisclosed sum.

More after the break

The new online store is expected to be up and running by this summer.