Booktopia (ASX: BKG) has entered voluntary administration pending an urgent assessment of options for sale or recapitalisation.
Insolvency firm McGrathNicol has been appointed and shares in the cash-strapped company will be suspended from trading during the administration process.
All Booktopia subsidiaries including online bookseller, publisher and printer Angus and Robertson have been included in the collapse.
Last-ditch effort
Todays news follows a last-ditch effort in June to secure working capital for Booktopia, which debuted on the Australian Securities Exchange in 2020 with a market capitalisation of $315.8 million.
The bookseller has been struggling to keep its head above water ever since, announcing initiatives in January 2023 t…
Read the full article at: https://smallcaps.com.au/australias-largest-online-bookstore-booktopia-enters-voluntary-administration/
