Administrators are looking at selling or restructuring the main Booktopia business and its three subsidiaries.
The company's shares have not traded on the ASX since June 13 while it was attempting to secure additional funding. A transition to a new $12 million robotic warehouse in the Sydney suburb of South Strathfield that opened last year had also been plagued with difficulties and had not resulted in the cost savings the company had expected.Robbie Egan, chief executive at the Australian bookseller's association, BookPeople, said the collapse was "deeply problematic" for the industry at large.
"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". 'Build more houses' sure sounds great as a solution to the housing crisis, but a few key factors scream 'buyer beware'
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: 7NewsSydney - 🏆 16. / 63 Read more »