Australia's Booktopia trading again and taking 100 more staff following sale to digiDirect

Australia’s largest online bookseller, Booktopia, has been bought by electronics retailer digiDirect and is now fully operational again with plans to recruit 100 more staff.

Shant Kradjian, the owner of digiDirect, acquired the bookseller on Friday 16th August, resulting in the "immediate resumption" of trading, according to a statement posted by administrators McGrathNicol to the Australian Securities Exchange (ASX).

McGrathNicol partner Keith Crawford said he was “incredibly pleased” with the sale and that there are immediate plans for expansion.

Crawford added: “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."

His statement was posted on ASX. Former employees are also encouraged to rejoin the group. However the sale price “will not be sufficient to provide for a return to shareholders”, according to the administrators.

Crawford said: “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.”

He also praised Kradjian for how “quickly” and “professionally” he handled the sale.

Booktopia, which also sells e-books, DVDs, audiobooks, magazines, maps and stationery, was first listed on the ASX in December 2020. Shares traded just under $3 (£1.55) shortly after listing amid soaring demand for online goods during the pandemic. However, as cost-of-living pressures took hold and there was more competition, the company struggled.