Booktopia has entered voluntary administration after failing to safe emergency funding.
In an ASX announcement at the moment, the e-book retailer stated it had appointed McGrathNicol companions Keith Crawford, Matthew Caddy and Damien Pasfield to supervise the corporate’s restructuring.
“The Directors are endeavor an pressing evaluation of Booktopia’s enterprise whereas choices for its sale and/or recapitalisation are explored,” the assertion reads.
“The shares of Booktopia Group Restricted (Directors appointed) will stay suspended from buying and selling through the administration course of.
“Shareholder updates shall be uploaded to the ASX platform as required.”
Booktopia final month suspended buying and selling on the ASX, pending the end result of a strategic assessment that started in February, whereas it continued to hunt further funding.
As a part of the assessment, 50 workers had been laid off and chief govt David Nenke resigned after precisely one 12 months within the position in a $2.7 million cost-saving measure.
In 2023, Booktopia opened a $12 million buyer fulfilment centre, however a cutback on discretionary spending led to poor gross sales and a 21 per cent income drop.
The primary assembly of collectors will happen on July 15.