Stationery supplier Sequel Books and Stationery has collapsed after more than three decades supplying books to more than 50 schools.
The business, located in Willawong, south Brisbane, entered voluntary liquidation on Monday as the business struggled to deliver orders to customers since the start of this year.
The company now owes $5 million to creditors, including $2.3 million to pay to suppliers.
Sequel Books and Stationery (pictured) has entered liquidation
Frustrated customers flooded the company with 1,700 emails asking why their orders weren’t delivered before the start of the first quarter.
The embattled company was forced to disable the comments section of its Facebook page amid a torrent of anger.
Christopher Baskerville of insolvency firm Jirsch Sutherland has been appointed liquidator and will take over the company’s finances.
Mr Baskerville told Daily Mail Australia in a statement it is not yet clear how many creditors need to be paid.
“Our goal is to work quickly to ensure an orderly liquidation of the company,” he said.
“We understand that this is a difficult time for management, customers and suppliers, and we are now working closely with the company’s management to achieve the best return for creditors.”
The company employed 50 workers during peak periods and delivered books and stationery to 55 schools across Queensland.
Anna Henderson, executive director of Sequel Books and Stationery, released a statement on the company’s website to inform customers that the business had reluctantly decided to enter liquidation.
“The economic challenges proved insurmountable for our business, leading to the difficult conclusion to nearly three decades of business,” she said.
The company had been struggling to fulfill customer orders since the start of this year (stock image)
The company has delivered books and stationery to more than 50 schools across Queensland (stock image)
Ms Henderson recognized the hard work of staff who contributed to the success of the business over the years.
“The challenges you have endured over the past few months have been enormous and you have faced them all with such grace that I am in awe of you,” she said.
The company was founded as Bakers Bookstore in 1902 before the company became BCF (Barker Conlan and Ferrett).
The business later became Sequel Books and Stationery.
