Online retailer Booktopia has been bought by electronics retailer digiDirect, after the company went into administration due to severe financial difficulties.
First founded in 2004, Booktopia was an Australian-based online book retailer, and competed with Amazon for online book sales.
Booktopia entered voluntary administration in July with debts totaling around $60 million. This is after the company announced 50 redundancies in June as a cost-saving exercise.
Most of these debts were owed to publishers who supplied Bookopia’s stock, while consumers totaled up to $15 million through sales and gift cards.
There were an estimated 150,000 unfulfilled pre-orders at time of administration, worth up to $12 million. There was also an…
