Booktopia has entered voluntary administration after failing to secure emergency funding. In an ASX announcement today, the book retailer said it had appointed McGrathNicol partners Keith Crawford, Matthew Caddy and Damien Pasfield to oversee the company’s restructuring. “The Administrators are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are…
By Jessica Yun Updated July 3, 2024 5.34pmfirst published at 10.40am Normal text sizeLarger text sizeVery large text size Booktopia has gone into voluntary administration weeks after suspending its shares on the ASX as rival Dymocks considers snapping up some of its assets. The embattled online book retailer, which has been scrambling to secure emergency…
In short: Australian book retailer Booktopia has gone into voluntary administration. The company has been trading at a loss for over a year and earlier made 50 staff redundant. What’s next? Administrators are looking at selling or restructuring the main Booktopia business and its three subsidiaries. Australian online book retailer Booktopia has gone into voluntary…
It has been 33 years since the “recession we had to have” in 1991. Fears that Australia would enter a technical recession during 2023 didnt eventuate. At the time of writing, our economy continues to still be resilient (relying on massive population growth through migration) despite ongoing decreasing consumer sentiment but another year of slow…
The Australian startup ecosystem is facing its next wave of financial challenges. With a 54% decline in capital raised by Australian startups in 2023 and a 14.5% rise in insolvencies, Australian startups are financially strained. For those operating in the capital-intensive tech sector in particular, the time between funding rounds is harder than ever. Tech…
Several of these factors contributed to the rising levels of formal insolvency appointments and distressed asset sales seen over the past year, which is likely to continue into 2024. In this article, we look back at, and think forward to, the trends and legal developments which businesses, insolvency professionals, accountants and investors need to be…
A key business behind home builder Modco Residential has been sent to liquidation one year after the embattled construction company collapsed. Modco and Ms Lu Holdings were linked to glamour couple Cynthia Lu and Yusuf Khan Ms Lu was director of Ms Lu Holdings while Mr Khan was registered as Modcos supervisor with building regulators.…
Joint liquidators Daniel Lopresti and Simon Miller are urgently seeking parties who may be interested in making offers to purchase the business or assets of Hindmarsh-based knitwear maker Silver Fleece. The company best known for making the Australian cricket teams woollen tops went into liquidation on Wednesday after more than 70 years of creating custom…
As a book lover and borderline reading addict, it has pained me to see another book distributor go into voluntary administration, and in fact, its answering a few of the questions I have had for months. It was announced yesterday that Booktopia, one of Australias biggest and most loved online bookstores, has gone into voluntary…
As a book lover and borderline reading addict, it has pained me to see another book distributor go into voluntary administration, and in fact, its answering a few of the questions I have had for months. It was announced yesterday that Booktopia, one of Australias biggest and most loved online bookstores, has gone into voluntary…