Booktopia (ASX: BKG) has entered voluntary administration pending an “urgent assessment” of options for sale or recapitalisation.
Insolvency firm McGrathNicol has been appointed and shares in the cash-strapped company will be suspended from trading during the administration process.
All Booktopia subsidiaries including online bookseller, publisher and printer Angus and Robertson have been included in the collapse.
Last-ditch effort
Today’s news follows a last-ditch effort in June to secure working capital for Booktopia, which debuted on the Australian Securities Exchange in 2020 with a market capitalisation of $315.8 million.
The bookseller has been struggling to keep its head above water ever since, announcing initiatives in…
