Australian online bookseller Booktopia in freefall as administrators called in
Australian online bookseller Booktopia in freefall as administrators called in
The Australian online bookstore has announced it has appointed administrators to possibly restructure or sell the business after a year of losses.
- 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.
"It's not an industry problem, it's a particular business problem," Mr Egan said, describing the business' structure and scale as a "value-destruction exercise".
This little statement is so under-explained, and yet its probably the most important statement in the article.
Instead of wasting a bunch of lines at the end by tacking on that human interest story trash, the writer/editor should have spent those words explaining the problem with the business structure.
I would have bought from booktopia more often but because I use privacy extensions it became impossible to use. I'd get flagged as a not and couldn't do anything on the site.
This is probably an edge case but it was one of the problems with the site on top of everything else
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.
..wow lol
First Book Depository, and now Booktopia. This is freaking tragic 😥
if Nile goes I'm fucking building a bomb shelter library
"There's no doubt, some of the bleed from online will go to Amazon," he said, describing the prospect as worrying.
How many major competitors remain?