Booktopia has been placed in voluntary administration.
The grim news for ‘s largest online bookseller comes just weeks after it announced in June 50 jobs needed to be cut, as well as losing its chief executive.
The company also made 40 people redundant in January last year.
McGrathNicol Restructuring partners Keith Crawford, Matthew Caddy and Damien Pasfield are undertaking an urgent assessment of Booktopia’s business.
They will explore options for its sale or recapitalisation.
The first creditors’ meeting will take place by Monday, 15 July.
‘The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are explored,’ the statement released on the ASX reported.
‘The shares of Booktopia Group Limited (Administrators appointed) will remain suspended from trading during the administration process. Shareholder updates will be uploaded to the ASX platform as required.’
Shares for Booktopia were last trading at 4.5 cents.
The company’s chief financial officer, Fiona Levens, left in May before chief executive David Nenke resigned just weeks later, having spent just 12 months in the role.
This is a breaking story. More to come.