The joint administrators of Woolworths have confirmed this morning the sale of the brand name and childrenswear brand Ladybird to Shop Direct Group, the UK's largest online and home shopping retailer.
The group is planning to relaunch Woolworths as an online store selling a range of products including the Ladybird children's label.
Neville Kahn, Deloitte partner and joint administrator, said: "We are pleased to have achieved a deal which will enable the Woolworths and Ladybird childrenswear brand names to continue.
"It is clear that the British public has a great deal of affection for Woolworths and we are delighted that the Shop Direct Group will be keeping the name alive.
"The process of selling the Woolworths property portfolio continues with former stores under offer from prospective purchasers. We are currently bound by confidentiality agreements regarding the numbers and locations of stores under offer while negotiations continue."