Booktopia is taking orders again after Australia’s largest online bookseller was sold to an online camera store in a deal completed late last week.

Shant Kradjian, the owner of the photo shop digiDirect, bought the bookseller, according to the insolvency administrator McGrathNicol, which led to the immediate resumption of business operations.

“The transaction will result in the retention of all remaining employees, the recruitment of approximately 100 additional staff and the continuity of supply to Booktopia’s trade creditors,” said Keith Crawford, partner at McGrathNicol, on Monday.

Booktopia filed for bankruptcy in July due to persistent weakness in the industry. The company cited cost pressure on customers, increasing online competition and a volatile market as reasons.

The listed bookseller had consistently cut staff prior to its bankruptcy.

Although the purchase has helped the bookseller get back on its feet, the sales price will “not be enough to provide shareholders with a return,” according to the insolvency administrators.

Booktopia listed on the ASX in late 2020. Its shares traded for just under $3 shortly after listing as investor demand for e-commerce companies surged at the start of the pandemic.

Administrators said Kradjian and his team acted quickly to secure the purchase.

“Booktopia has been an important part of the Australian publishing industry for 20 years and handing over the business to such a well-known Australian retailer is a great achievement for all involved,” Crawford said.

Kradjian founded digiDirect in 2006 as a specialist camera and imaging retailer. The company has since grown into one of Australia’s largest electronics retailers.