Australian online book retailer Booktopia has gone into voluntary administration, leaving customers in the dark about the status of their orders.
An “urgent assessment” of Booktopia’s assets has been flagged, with a possible sale or restructure the focus of three administrators from McGrathNicol Restructuring, who have been appointed to head the evaluation of Booktopia Group Limited and three subsidiaries.
The company’s shares have not traded on the ASX since June 13 while it was attempting to secure additional funding.
In its initial public offering in 2020, Booktopia issued shares at $2.30 and debuted on the ASX at $2.86.
The stock has since lost more than 98 per cent and last traded at $0.045.
Booktopia suffered a $16.7 million loss for the six months to December 31, compared to a $3.9 million loss a year ago.
The company has said that economic headwinds and the continued soft performance of the Australian book market had diminished its core business which was selling books via two websites,…