Booktopia purchased by digiDirect founder preventing total collapse

In July what was Australia’s biggest online bookstore, Booktopia went into voluntary administration.

Founded in 2004, Booktopia posted record profits during the pandemic, even overtaking Amazon AU as the biggest online book seller in the Australian market.  Since then though, after over-capitalising on a new robotic warehouse, more online competition and a lower demand for books, Booktopia has become unable to fulfil orders as their funds dwindled.

Funds were so scarce to come by that they struggled to fund money for approximately 50 staff who were unfortunately made redundant in previous cost-cutting moves.

After Booktopia went into voluntary administration there were several bidders for the company on the administrator’s tender with digiDirect founder Shant Kradjian winning out over companies such as Kogan.com, Woolworths, Dymocks and QBD Books.

The purchase was finalised last Friday with about 100 new positions expecting to be created in the upcoming re-birth of Booktopia.

“The transaction will result in the retention of all remaining employees and continuity of supply for Booktopia’s trade creditors,” administrator Keith Crawford said.

The good news that Booktopia is now taking orders again.  If you are looking to buy a new book online, why not support this Australian-owned company