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 explored," the statement reads."The shares of Booktopia Group Limited will remain suspended from trading during the administration process.Booktopia last month suspended trading on the ASX, pending the outcome of a strategic review that began in February, while it continued to seek additional funding.
As part of the review, 50 employees were laid off and chief executive David Nenke resigned after exactly one year in the role in a $2.7 million cost-saving measure. In 2023, Booktopia opened a $12 million customer fulfilment centre, but a cutback on discretionary spending led to poor sales and a 21 per cent revenue drop.: Stay across all the latest in breaking news, celebrity and sport via our WhatsApp channel. No comments, no algorithm and nobody can see your private details.
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