The embattled retailer has appointed voluntary administrators after several months of trying to secure funding.
Booktopia has appointed voluntary administrators, weeks after suspending its shares on the ASX as it scrambled to secure emergency funding.
The embattled online book retailer has appointed McGrathNicol restructuring partners Keith Crawford, Matthew Caddy and Damien Pasfield as administrators who will reassess the business and explore a sale or recapitalisation.
In its most recent results update, the first half of fiscal 2024, Booktopia booked losses of $16.7 million and revenue that plummeted 22 per cent to $86.3 million. Booktopia was founded in 2004 by Nash, his brother Simon and brother-in-law Steve Traurig and built significant market share of nearly 60 per cent over the following two decades.amid a rush of other ecommerce retailers that listed on the stock exchange, such as Adore Beauty, buoyed by the surge in online shopping. Earlier that year, it secured a capital injection of $20 million from a consortium of private investors led by Champ Ventures and JBS Investment.
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