One of Australia’s biggest book retailers has been rescued by a buyer just months after it entered voluntary administration.

Booktopia, an online bookseller founded in Sydney, was purchased by online camera store digiDirect owner Shant Kradjian.

The sale of the business and its assets were finalised with the transfer to Kradjian on Friday evening.

Booktopia’s website has since resumed trading and it’s expected some 100 positions will be available within the company.

‘The transaction will result in the retention of all remaining employees … and continuity of supply for Booktopia’s trade creditors,’ McGrathNicol administrator Keith Crawford told WA Today. 

‘We commend digiDirect’s owner Shant Kradjian and his team, who moved quickly and professionally to complete due diligence and the transaction in collaboration with the Administrators and Booktopia’s staff and key suppliers.’

However, the sale does not cover what Booktopia owes to its creditors. A second creditors’ meeting will be arranged.

Booktopia entered voluntary administration in early July after struggling to return a profit for three years.

At least 90 per cent of the business’ jobs were made redundant and its shares lost 98 per cent of their value. 

More to come. 

Booktopia, an online bookseller founded in Sydney , was purchased by the owner of online camera store digiDirect, Shant Kradjian