Booktopia has collapsed after experiencing a major slump in share value, with administrators now urgently trying to find a buyer to acquire or put money back into the troubled online retailer.
The retailer announced on Wednesday that it had entered voluntary administration, less than four years after the company went public on the ASX.
McGrath Nicol Restructuring partners Keith Crawford, Matthew Caddy and Damien Pasfield will oversee the administration of Booktopia and its subsidiaries.
In a statement, administrators said they were undertaking an “urgent assessment” of the business while options for its sale and recapitalisation were being “explored”.
“The shares of Booktopia Group will remain suspended from trading during the admini…