Woolworths is set to be re-launched as an online retailer by Daily Telegraph and Shop Direct owners Sir David and Sir Frederick Barclay.
The much-missed high street chain went into administration back in November with over 800 stores closing earlier this month and nearly 30,000 staff being laid off.
Shop Direct's Chief Executive Mark Newton-Jones said: "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."
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Iconic name saved
The new Woolworths online store is set to launch this coming summer.
"It would have been a tragedy should the name have disappeared," Mr Newton-Jones said. "It is an iconic name."
Joint administrator Neville Kahn, of Deloitte, said: "We are pleased to have achieved a deal, which will enable the Woolworths and Ladybird children's wear brand names to continue.
"It is clear that the British public has a great affection for Woolworths and we are delighted that the Shop Direct Group will be keeping the name alive."
For more details on the Shop Direct group you can check out the company's website.
TechRadar has contacted Amazon.co.uk, Play.com, Kelkoo and a number of other online retailers, price comparison sites and online retail specialists for further comment on the return of Woolies.