Australia's 'biggest bookstore' collapses, enters voluntary administration

The company posted a statement on the ASX saying they had appointed Keith Crawford, Matthew Caddy and Damien Pasfield from McGrathNicol to oversee a potential restructure or sale of the business.

"The Administrators are undertaking an urgent assessment of Booktopia's business while options for its sale and/or recapitalisation are explored," the statement said.

"The shares of Booktopia Group Limited (administrators appointed) will remain suspended from trading during the administration process. Shareholder updates will be uploaded to the ASX platform as required."

The statement called on interested parties to "urgently" contact the administrators.

The embattled company has been struggling financially for some time.

The company had been suspended from trading on the ASX since June 19, following mass redundancies.

Chief executive David Tenke resigned in June, while founder and director Tony Nash stepped into the role of executive director and sales director.

READ MORE: 'More than a paperback': how regional bookstores survive

Booktopia was founded in 2004 by Steve Traurig and Simon Nash in Sydney.

The company also owns Angus & Robertson.

It was listed on the ASX in December 2020 at an issue price of $2.30. From a high of $3 in August 2021, the company's share price steadily crashed to $0.17 in June 2022.