Former Woolworths chief executive Sir Geoff Mulcahy is hoping to launch a similar 200-store chain, including new stores at some of the collapsed U.K. retailer's vacant sites.

The Woolworths retail business and the group's wholesale entertainment distributor EUK went into administration on Nov. 27, roughly equivalent to Chapter 11 bankruptcy protection in the U.S. The 800-plus stores had all closed by early January.

Woolworths stores accounted for 9.8% of all U.K. album sales by volume in 2008, according to the BPI.

The new retail proposal is headed by former Woolworths managing director Tony Page. It has yet to come up with a name for the chain but is inviting suggestions from the public via Twitter.

The group is hoping to buy some of the vacant stores once operated by Woolworths.

According to City AM, former UBS banker Gareth Thomas will be with finance director. It reported Thomas had said the business needed to "raise between £5 million [$8.2 million] and £10 million [$16.5 million] from private investors and already had access to about two-thirds of that."

Sir Geoff was the chief executive of the Kingfisher group when it owned Woolworths from 1982 to 2001.