Shop Direct is the UK's biggest internet and home shopping retailer, and also owns brands such as the Littlewoods catalogue and plans to launch Woolworths online in the summer following a deal to buy the brand for an undisclosed sum.
The move brings the brand under the control of Sir David and Frederick Barclay, whose interests also include the Telegraph newspaper group.
Shop Direct, which has also bought Woolworths' childrenswear brand Ladybird, said it was confident that the store would "stay at the heart of British retailing" as an online presence.
Chief executive Mark Newton-Jones said: "Woolworths is a much-loved brand that engenders huge affection among British consumers and is an important part of the country's retail heritage."
Details of the product range carried will be announced in the next few months, the company said.