Today the appointment of receivers heralded real troubles for Australia’s online book retailer Booktopia not that long after the company opened its $12 million customer fulfilment centre in Lidcombe earlier this year. The news comes after the company reached its 18th year of trading under founder Tony Nash.
Red flags have been circulating the industry for many months with one Green Hill confidant remarking ‘every time I try to contact people at Booktopia there’s been more staff cuts’.
Booktopia has now officially entered voluntary administration after failing to find additional capital to keep trading. The receivers will restructure the company hopefully returning it to viability.
Green Hill Director David Walters said ‘the difficulties with Booktopia won’t be greeted with too much remorse from Aussie “brick and mortar” book retailers. They’ll appreciate less direct competition for share of the wallets of Australia’s book buyers.
‘but this might ultimately leave Australian self-publishers with few options for distribution.
‘I’m keen to learn how Booktopia’s BPS might be be affected by ongoing money issues.’
He said ‘suddenly the need for new and emerging platforms like Author Freely have become a lot more pressing’.
Link: More information on Booktopia receivership
Link: ASX announcement
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