Australian bookseller Booktopia has entered voluntary administration, following failed recent attempts to secure emergency funding.
The announcement comes after a prolonged period of difficulties for the online retailer, which suspended trading shares on the ASX in June. The company has also endured three years of unprofitability, has been forced to make 90 staff redundancies in the past 18 months, and has seen the resignation of several key executives, including former CEO David Nenke, who recently resigned after only a year in the job.
While Covid-19 lockdowns were catastrophic for most retailers, Booktopia turned over an impressive $223.9 million in the 2021 financial year and $240.8 million in the 2022 financial year. However,…
