Just days after the Australian online bookseller asked to extend an suspension on the trading of its stock, Booktopia has taken the more drastic step of appointing a firm to oversee its voluntary administration. The move indicates the high unlikelihood that the company will continue to operate in its current form.
In an announcement made in Australia this morning, Booktopia put McGrathNicol Restructuring in charge of its reorganization efforts. Firm partners Keith Crawford, Matthew Caddy, and Damien Pasfield were appointed voluntary administrators, and the three men “are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalization are explored,” the company announcement said.
