Booktopia has been rescued by the owner of online camera store digiDirect, Shant Kradjian, who is adding 100 jobs back to the collapsed bookseller.

The business and all its assets were transferred to Kradjian on Friday evening and the website has resumed trading.

McGrathNicol administrator Keith Crawford said he was incredibly pleased to close the sale and that the transition of Booktopia to another Australian e-commerce retailer was a great outcome for the business.

“The transaction will result in the retention of all remaining employees, the recruitment of some 100 additional employees and continuity of supply for Booktopia’s trade creditors,” he said.

“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.”

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However, the sale price, which was not disclosed, does not cover what creditors are owed. A second creditors’ meeting will be arranged, with details to follow.

Booktopia appointed voluntary administrators in early July after coming under financial strain following three straight years of unprofitability. In the past 18 months, it has made at least 90 jobs redundant; its share price has lost 98 per cent of its value, and a revolving door of senior executives – including its most recent chief executive, David Nenke, who resigned after one year in the job.

More to come