Not all Australians have heard of camera retailer DigiDirect,much less its owner,Shant Kradjian,a serial entrepreneur and investor based in Sydney.
Booktopia has been rescued by the owner of online camera store digiDirect,Shant Kradjian,who is adding 100 jobs back to the collapsed bookseller.
Barely two dozen employees remain at the embattled book retailer whose administrators found the business didn’t have the funds to retain them.
A blindingly bright-coloured flag appeared only a month ago when the listed company told the market that directors’ fees for the year would be paid by issuing shares,rather than in cash.
The embattled retailer has appointed voluntary administrators after several months of trying to secure funding.
As Australia’s largest online bookseller struggles to forge a viable business model,many independent booksellers have found ways to thrive.
As its chief executive resigns,the online bookseller has arranged $1 million in emergency financing in an effort to stay afloat.
The consumer watchdog took the online bookseller to court in 2021 after it told shoppers they had to notify the company of faulty orders within two days for refunds.
Australia’s largest online book retailer announced cost cuts on Monday,aimed at saving at least $12 million,as it aims to turn the page on its performance.
Corporate Australia battled a much harder economic landscape than it expected during the year,but most attention was on board stoushes,hackers and a big move by the Big Australian.
It’s time for struggling online retailer Booktopia to open a thrilling new chapter.