Booktopia has been placed under voluntary administration.
The sad news for Australia’s biggest online bookseller comes just weeks after it cut 50 jobs and lost its chief executive.
The company also laid off 40 people in January last year.
McGrathNicol restructuring partners Keith Crawford, Matthew Caddy and Damien Pasfield are conducting an urgent assessment of Booktopia’s business.
They will explore options for its sale or recapitalization.
The first creditors’ meeting will take place on Monday, July 15.
“The administrators are conducting an urgent assessment of Booktopia’s business while exploring options for its sale and/or recapitalisation,” the statement on the ASX said.
‘Booktopia Group Limited’s (appointed administrators) shares will remain suspended during the administration process. Updates to shareholders will be uploaded to the ASX platform as necessary.’
Booktopia shares were last trading at 4.5 cents.
This is a breaking news story. More to come soon.
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