Booktopia Group (ASX:BKG) - Voluntary Administration

Booktopia Group (ASX:BKG), Australia’s largest online book retailer, and three subsidiaries entered voluntary administration on 3 July.

The news comes a couple of weeks after it was announced that Booktopia had ceased trading on the stock market following the recent appointment of a new chief executive and news that 50 employees were being made redundant amid a 22% drop in revenues.

Keith Crawford, Matthew Caddy and Damien Pasfield of McGrathNicol were appointed voluntary administrators, and are undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are explored. The company’s shares will remain suspended from trading during the administration process.