The Co-Op Bookshop is set to become a thing of the past.

The popular university textbook chain, which was founded by university students in 1959 collapsed in December, owing around $15 million.

Today, it was revealed the chain has been sold to online retailer Booktopia.

Under the sale, Co-op will continue to operate during the early weeks of the next University semester but will be closed after.

In a statement Phil Carter, Andy Scott and Daniel Walley of PwC said: “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.”

Co-Op has more than 30 branches across the country with about 200 employees, although it is understood the stores are no longer considered to be sustainable.