Customers browse books in London on June 15, 2020.
This is a representational image

Australia's largest bookseller Booktopia was recovered from financial ruin after being acquired by the owner of digiDirect.

After the completion of the deal last week, Bookstopia immediately resumed trading, allowing book lovers to continue shopping from their beloved brand.

digiDirect made the quick acquisition thanks to the owner, Shant Kradjian, who stabilized the struggling retailer, The Guardian reported.

"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," according to administrators McGrathNicol's partner Keith Crawford said on Monday.

"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," Crawford said, according to Sky News.

digiDirect is working to restore the sense of stability within the Booktopia workspace by retaining 100 employees and resolving the technical issue that showed "payment gateway under maintenance" error message at checkout. In a positive move, former Booktopia employees are encouraged to rejoin the company as it moves forward under the new leadership.

Kradjian intervened when Booktopia was facing financial headwinds due to cost-of-living pressures, increased online competition, and market volatility. In contrast to its optimistic start, Booktopia's shares traded at AU$3 upon its 2020 ASX listing.

Even though the sale of Booktopia helped the company revive trading, the administrators said the price "will not be sufficient to provide for a return to shareholders."