Booktopia’s bankruptcy administrator told the Australian Broadcasting Corporation that the retailer owes creditors approximately $60 million (AU). McGrathNicol’s Keith Crawford said, “The vast majority of that debt is actually trade creditor debt, principally the suppliers of books,” who are unsecured creditors. The company has about 150,000 orders worth approximately $12 million that have not been fulfilled, many of those for pre-orders. And customers are holding $3 million in gift cards. The story reveals that the re-financing Booktopia had announced in June was derailed by their credit card processor. Booktopia executive chairman Peter George reports that, “Booktopia’s plans were hijacked in […]
