Online bookseller entered voluntary administration last week
Booktopia has reportedly laid off 165 employees following the announcement last week that it had entered voluntary administration.
Following the layoffs, there are only 18 employees left working for Australia's largest online bookseller, reported news.com.au on Wednesday.
The massive layoff follows the company's statement last week declaring that it would enter voluntary administration, with McGrathNicol Restructuring appointed as Voluntary Administrators.
"The Administrators are undertaking an urgent assessment of Booktopia's business while options for its sale and/or recapitalisation are explored," Booktopia said in a statement.
The move followed Booktopia CEO David Nenke's immediate resignation a month ago and a restructuring that resulted in at least 50 job redundancies.
Peter George, Booktopia's executive chairman, attributed the restructure to the "sustained volatility of the economic climate" and changing consumer spending behaviours.
"We recognise we will be losing many talented staff in this process and would like to express a sincere thank you to those affected, for all of the hard work and commitment they have put into the company," George said in a previous statement.
In the six months to December 31, Booktopia saw a $16.7-million loss, ABC News reported. This is much higher than the $3.9 million loss recorded a year prior.
