Booktopia is saved from collapse: digiDirect buys one of Australia’s biggest book retailers
- Booktopia was acquired by Shant Kradjian, owner of digiDirect
One of Australia’s largest bookstores has been rescued by a buyer, just months after the company was declared into voluntary bankruptcy.
Booktopia, an online bookstore founded in Sydney, has been acquired by Shant Kradjian, owner of online camera store digiDirect.
The sale of the company and assets was completed on Friday evening with the transfer to Kradjian.
The Booktopia website is now back online and it is expected that there are around 100 vacancies within the company.
“The transaction will result in the retention of all remaining employees … and continuity of supply for Booktopia’s trade creditors,” said Keith Crawford, administrator of McGrathNicol WA Today.
‘We commend digiDirect’s owner Shant Kradjian and his team for acting quickly and professionally to conduct the due diligence and complete the transaction, working with the administrators, Booktopia staff and key suppliers.’
However, the sale will not cover what Booktopia owes its creditors. A second creditors meeting will be held.
More coming soon.
Booktopia, an online bookstore founded in Sydney, has been acquired by the owner of online camera store digiDirect, Shant Kradjian