Booktopia Sold to digiDirect

In a significant turn of events, Booktopia, the Australian online bookstore, has been sold to digiDirect, a major player in the online electronics market.

This sale follows Booktopia’s recent struggles that led it into administration due to a staggering $60 million debt, primarily owed to publishers and customers.

The administration team from McGrathNicol confirmed that the sale was finalized on Friday, allowing the beloved book retailer to start trading again almost immediately.

Shant Kradjian, the owner of digiDirect, expressed excitement about the acquisition, highlighting opportunities to revitalize Booktopia and improve customer experiences.

The deal included not just Booktopia, but also the Angus & Robertson and Co-Op Bookshop brands, along with an inventory valued at around $14 million.

While the sale marks a new beginning for Booktopia, it won’t resolve the debts owed to many publishers and customers, raising concerns about the impacts on those who are still awaiting refunds or book deliveries.

DigiDirect plans to hire more than 100 former Booktopia employees as part of the new strategy to restore the online retailer to its former glory.

This acquisition follows a competitive bidding process that included other major names like Woolworths and Kogan.com, but ultimately, it was digiDirect that secured the purchase.