Booktopia - Case Update

Booktopia has been sold and is back in business, according to administrators Keith Crawford, Matthew Caddy and Damien Pasfield of McGrathNicol.

The company, Australia’s largest online book retailer, entered administration in early July after racking up an estimated $60 million in debts. Booktopia has not been trading since the appointment, and the administrators have been working to stabilise the business while exploring options for a sale.

Now, in an update to creditors, the administrators have advised that a binding sale agreement has been entered into with Booktopia Direct (IP) Pty Ltd and Booktopia Direct Pty Ltd (digiDirect), a leading Australian-owned online electronics store.

The sale is expected to result in the imminent restart of operations, meaning certain suppliers may be contacted to resume supply. digiDirect has also confirmed it will hire over 100 employees and is encouraging Booktopia’s staff to rejoin the group.

Read the update HERE.