Booktopia enters voluntary administration, seeks sale or recapitalisation
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The news: Booktopia has appointed restructuring and insolvency firm McGrathNicol Restructuring as voluntary administrators, as the online book retailer undergoes an "urgent assessment" of its business.
The context: McGrathNicol announced that its partners Keith Crawford, Matthew Caddy and Damien Pasfield have been appointed voluntary administrators of the online bookseller and its subsidiaries.
The administrators will undertake an "urgent assessment" of Booktopia's business while options for its "sale and/or recapitalisation" are explored.
Booktopia shares, last at $0.045 having crashed 70% over the past 12 months, will remain suspended from trading during the administration process.
Last month, Booktopia's then CEO David Nenke resigned with immediate effect after just one year in the role, as the ASX-listed retailer announced a restructure of its business, leading to at least 50 roles being cut.
The source: ASX announcement
