The Administrators of the University Co-op Bookshop have released an update regarding the bookshop segment of the business.
Australian online bookstore Booktopia has purchased various assets of the Co-op for an undisclosed amount, but will move to close the physical bookstores on campus.
During the two-month transition period the Administrators will continue to operate the Co-op stores to ensure maximum sales during the first semester of the university year.
Administrator Phil Carter said that the sale is a great result for the business.
"The agreement with Booktopia is a positive outcome and was reached following a rigorous sales process conducted on behalf of the creditors of the Co-Op.
"As part of the agreement, Booktopia has purchased the intellectual property of the University Co-Op Bookshop that includes some proprietary systems around the fulfilment of textbooks to universities, as well as guaranteeing a minimum price for all remaining stock.
"Under the agreement, the Administrators will keep the Co-Op bookshops open during the first month of each University semester to ensure a smooth transition and to meet the heightened demand of students during this busy period.
"As we continue to trade the stores in the immediate term, the Administrators will be seeking to maximise the sale of remaining stock and return to creditors," he said.
In a statement, Booktopia encouraged students to take advantage of the sales.
"Booktopia has been successful in our bid to acquire the business.
"While this means that The Co-op stores on campus will close, you will still be able to find the widest possible range of textbooks online at Booktopia, at prices that are on average 10% lower than The Co-op.
"Booktopia has over 250 staff members who are dedicated to sourcing, stocking and shipping your books to wherever you are in Australia.
"Textbook search information and data will work on the Booktopia website as it did on The Co-op. You can still easily find the books you need for your course.
"The existing Co-op stores across Australian campuses will remain open for a limited period after the commencement of semester one and will be conducting a clearance sale of new text books and second hand books that are in stock.
"The Co-op stores will continue to provide some university branded merchandise and other equipment that students require for their courses. Please visit your local campus store to take advantage of these discounted items," Booktopia said.
The news follows the announcement that the retail side of the business - Curious Planet (formerly Australian Geographic) - was unsuccessful in securing a buyer, triggering the shuttering of 63 stores.