Booktopia rescued after owner of online camera store swoops in
Online bookseller Booktopia has been rescued after it entered administration last month, with online camera store digiDirect taking over.
DigiDirect's owner Shant Kradjian has also confirmed his intent to hire 100 extra staff on top of those still remaining, administrators McGrathNicol Restructuring said today.
Former staff are also encouraged to rejoin the company.
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Booktopia has been purchased by digiDirect. Booktopia
"We are incredibly pleased to have completed the sale of the Booktopia business to the owner of digiDirect," administrator Keith Crawford said.
"The transaction will result in the retention of all remaining employees, the recruitment of some 100 additional employees and continuity of supply for Booktopia's trade creditors.
Kradjian is also offering special arrangements to customers with unredeemed gift cards.
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"Booktopia has been a key part of Australia's publishing industry for 20 years, and transitioning the business to such a well-known Australian retailer is a great outcome for all stakeholders," Crawford said.
He also thanked Booktopia's secured creditor, Moneytech, which provided funding for the business during the administrative period.
It's understood the sale price, which was not disclosed, will not provide a return to shareholders.
Administrators are now preparing for a second meeting with Booktopia's creditors.
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