Embattled Aussie bookseller Booktopia appoints voluntary administrators
Australian online bookseller Booktopia has appointed voluntary administrators, just over two weeks after it ceased trading on the stock market.
“The administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are explored,” Booktopia Group Limited said in a statement to the Australian Securities Exchange (ASX) on Wednesday.
Keith Crawford, Matthew Caddy and Damien Pasfield from McGrathNicol Restructuring have been appointed as administrators.
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By continuing you agree to our Terms and Privacy Policy.The company notified the ASX on June 17 that it would be immediately suspending its stock from quotation.
Shares will remain suspended from trading during the administration process, with shareholder updates uploaded to the ASX platform as required.
The appointment of voluntary administrators comes after David Tenke resigned as chief executive in June.
Founder and director Tony Nash then stepped into the role of executive director and sales director.
The company also announced it would make 50 employees redundant, aiming to save the company $6.1 million through a restructure.
A creditors’ meeting will be held within eight business days, with information distributed to creditors in advance.
