Three former Woolworths bosses secure £10m funding to open 50 stores with a similar brand name to the failed retailer.
Executive director Tony Page, commercial director Steve Jebson and store development manager Andy Latham are in the process of looking for a name as close to the original retail chain as possible.
According to a report by The Sun, the first of the stores, which will all be based on the Woolworths business model, will open in May in either Camden, North London or Notting Hill.
Mr Page told The Sun: "We want to create a better version of the old Woolies...We could have 300 sites in three year's time if things work out."
The new retail chain will not have access to toy brand Chad Valley, which was bought by Argos, or children's clothing brand Ladybird, which was sold to Shop Direct along with the rights to the Woolworths name. Shop Direct, which also owns Littlewoods, is relaunching the brand online at woolworths.co.uk.
The news follows the story of former Woolworths store manager Claire Robertson, who reopened her Dorchester branch under the name of Wellworths.
Woolworths fell into administration in November last year after talks with restructuring specialists Hilco UK broke down.