Australia’s largest online book retailer went into administration in July, after facing pressures from the cost-of-living crisis and more online competition.
Late last week, the retailer was bought out by online camera store, digiDirect, announced administrators McGrathNicol.
“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,” the McGrathNicol partner Keith Crawford said on Monday.
Along with extra employees, Booktopia has immediately resumed online trading.
Despite the return to trading, the administrators admitted the sale price paid by digiDirect will “not be sufficient to provide for a return to shareholders”.
Image: Getty/Booktopia
