Australian online bookseller Booktopia has ceased trading on the stock market, with the future of the popular retailer uncertain. On Monday the company notified the Australian Securities Exchange that it would be suspending its stock from quotation “immediately .... pending the release of an announcement”. It said the announcement was regarding further outcomes from a “strategic review” such as its “progress in seeking additional funding”.
It also announced it would be undergoing a substantial restructure, with jobs being made redundant across several departments at the company’s headquarters in Rhodes, Sydney. This restructure would save the company $6.1 million, it said. Booktopia acquired $1 million in funding to help pay for the redundancies.