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Booktopia turns final page and goes into administration

The Bugle App

Malcolm King

04 July 2024, 11:00 PM

Booktopia turns final page and goes into administration

Don’t worry about ordering a book on Booktopia as it has entered voluntary administration.

The company has appointed Keith Crawford, Matthew Caddy and Damien Pasfield from McGrathNicol to oversee a restructure or sale of the business.

The company also owns Angus & Robertson.

"The Administrators are undertaking an urgent assessment of Booktopia's business while options for its sale and/or recapitalisation are explored," the statement said.

"The shares of Booktopia Group Limited (administrators appointed) will remain suspended from trading during the administration process. Shareholder updates will be uploaded to the ASX platform as required."

The statement called on interested parties to "urgently" contact the administrators.

The embattled company has been struggling financially for some time.

Booktopia had the expense of transitioning to a $12 million robot-enabled warehouse facility.

Using robots and Ipack Solutions packaging technology, the warehouse was intended to distribute more than 12 million units each year.

But, in its half-year results for the period ending December 31, 2023, Booktopia posted a 22 per cent fall in revenue.

The company had been suspended from trading on the ASX since June 19, following mass redundancies.

Chief executive David Tenke resigned in June, while founder and director Tony Nash stepped into the role of executive director and sales director.

Booktopia was founded in Sydney in 2004 by Steve Traurig and Simon Nash.

It was listed on the ASX in December 2020 at an issue price of $2.30.

From a high of $3 in August 2021, the company's share price crashed to $0.17 in June 2022.