Booktopia’s shares have been suspended for weeks after its financial issues came to a head and it tried and failed to secure emergency funding lifelines, after three years of losses, poor investment decisions in expensive new warehouses, a pullback in consumer spending, and a revolving door of executives.

Tony Nash, the co-founder of the business who was ousted after 18 years at the helm and then brought back as an executive director and sales director weeks before it collapsed, is reportedly in Greece.

Less than 10 per cent of Booktopia’s original workforce remain: the business terminated 21 of its then 204 remaining employees before administrators were appointed. The move follows cuts of at least 90 jobs in the past 18 months.

If the business is sold as a going concern, the buyer may choose to re-employ terminated staff. Employees who remain with the business are in areas such as technology, logistics and finance.

Orders placed with Booktopia before it collapsed will not be fulfilled, administrators advised customers in a letter issued on Monday. Refunds, store credits or exchanges will not be offered or processed, and store credit and gift cards have also been suspended.

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Customers will have to lodge a proof of debt form to make a claim as an unsecured creditor.

“Amounts owed by Booktopia in respect of transactions or events occurring prior to July 3, 2024 remain a liability of Booktopia, and are not payable by the administrators. These debts represent an unsecured claim against Booktopia, and payment is dependent upon the outcome of the administration,” the letter states.

Customers can contact administrators at [email protected] and are advised to get in touch with the merchant that processed their order if they wish to seek a refund.

A creditors meeting will be held on July 15 and a creditors report will be issued before the end of the month.

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