Page and two other collegues from Woolworths, commercial director Steve Jebson and store development manager Andy Latham, have secured £10m backing to open the first shops in May.
According to a report in The Sun, Page is in the process of finding a brand name close to the original. He is believed to have attempted to buy the rights for the original name from administrator Deloitte.
The Woolworths brand was sold to Littlewoods-owner Shop Direct, which is relaunching the brand online.
Page said he believed there was a gap in the market for a store based on the Woolworths business model. The first stores are due to open in London in Camden and Notting Hill.
However, the new store will not have access to either of the highly successful Woolworths own-brand ranges, Chad Valley and Ladybird. Toy brand Chad Valley was picked up by Argos while kids' clothes brand Ladybird was part of the Shop Direct deal.
Since Woolworths' demise many of its store locations have been taken over by value retailers including Poundland and 99p Store.
The manager of one former Woolworths store in Dorchester has plans to open a similar store called Wellworths in the same space in mid-March.
Separately, Poundland has decided to sell sugar, milk and eggs in its stores.