After failing to secure emergency funding, Australia’s biggest online bookseller Booktopia has said that it has now entered into voluntary administration.
The company has appointed Keith Crawford, Matthew Caddy and Damien Pasfield from McGrathNicol to oversee either a sale of the business or a recapitalisation of it.
Booktopia has asked those who are interested in acquiring its assets or recapitalising it to “urgently” come forward and noted that a first meeting of its creditors will take place on Monday, July 15.
Trading of its shares will be suspended during the administration process. Since launching on the ASX in 2020, Booktopia’s share price has plummeted from a peak of A$3, to a low of just 4 cents.
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