Beleaguered book seller Booktopia has been saved from collapse via a buyout from digiDirect founder Shant Kradjian.
The book chain went into voluntary administration in July.
A representative for Mr Kradjian said Kogan.com, Woolworths, Dymocks, and QBD Books were among the other entities bidding on the administrator’s tender.
Booktopia was in financial strife as it struggled to find money for warehouse upgrades and pay redundancies for about 50 staff that were made in previous cost-cutting measures.
Share trading was frozen for two weeks before the administrators came in, as Booktopia slipped into insolvency. In its initial public offering in 2020, Booktopia issued shares at $2.30 and debuted on the ASX at $2.86. By mid-2024, shares had…
