Australian online bookseller Booktopia in freefall as administrators called in ( www.abc.net.au )

  • 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.
tombruzzo ,

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

Gorgritch_umie_killa ,
@Gorgritch_umie_killa@aussie.zone avatar

"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.

PetulantBandicoot ,
@PetulantBandicoot@aussie.zone avatar

First Book Depository, and now Booktopia. This is freaking tragic 😥

Taleya ,

if Nile goes I'm fucking building a bomb shelter library

Ilandar ,

"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?

MHLoppy OP ,
@MHLoppy@fedia.io avatar

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

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