Collapsed Booktopia sold to Sydney electronics retailer digiDirect
A privately-owned electronics retailer has been confirmed as the new owner of collapsed online book store Booktopia.
Administrators from McGrathNicol said on Monday the Booktopia business had been sold to Sydney-based digiDirect, which would be taking on an extra 100 workers to support the acquisition.
“We are incredibly pleased to have completed the sale of the Booktopia business to the owner of digiDirect,” lead McGrathNicol administrator Keith Crawford said.
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By continuing you agree to our Terms and Privacy Policy.“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 listed Booktopia collapsed last month, less than four years after joining the ASX’s trading boards.
DigiDirect, founded by managing director Shant Kradjian in 2005, was reported two weeks ago to have won the auction for the business. The company started out selling cameras before expanding into other electronic products.
It has seven stores in Sydney, Perth, Melbourne and Brisbane.
“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,” Mr Crawford said.
