Major Online Bookseller Collapses, Share Price Wiped Out

Poor book sales have contributed to Booktopia being placed into voluntary administration with losses of $16.7 million for the second half of last year.

A dumpster filled with discarded books from an old bookstore in West Cornwall, Ct. Alexanderstock23/Shutterstock

A month after Booktopia said it was arranging $1 million (US$668 million) in emergency funding—and its shares collapsed to just 6 cents—the major online bookseller has collapsed and entered voluntary administration.

When it first signalled it was in trouble on June 3 this year, the bookseller announced its chief executive was departing, and it was withdrawing its earning forecasts.