Woolworths is to be re-launched as an online retailer after being bought by the owners of the Daily Telegraph, Sir David and Sir Frederick Barclay.
The much-loved High Street chain went into administration in November and its more than 800 stores closed a month ago after struggling with debts of £385m.
It is thought only a fraction of the former total of almost 30,000 staff will get their jobs back.
Woolworths' children's clothing label Ladybird is also to be re-born online.
The brands are being bought by Shop Direct Group, owned by the Barclay twins, for an undisclosed sum.
They will sit alongside their other online retailers, including Great Universal and Marshall Ward.
Shop Direct, formerly Littlewoods Home Shopping, last week announced that it would cut 1,150 jobs in north-west England, mainly from its Crosby call centre.
The company's chief executive Mark Newton-Jones said he was confident about Woolworths' future.
"This is great news and we are confident that Woolworths, as an online brand, will once again prosper and quite rightly stay at the heart of British retailing."
The Woolworths' store closures followed a clearance sale which saw stock and fixtures and fittings being sold at discount prices.
Empty stores in prime High Street locations are tipped to be reopened by other businesses, with frozen food chain Iceland to take over 51 stores.
Debt-laden Woolworths saw its difficulties compounded last year when it was forced to pay cash while buying goods from suppliers.
Trade credit insurers were no longer prepared to cover its suppliers in case Woolworths was unable to pay for the stock.
Waste of money if you ask me! It'll make a change for a website to listen to customers, but do Great Universal / Marhshall Ward REALLY do that?! :rolleyes: