As its chief executive resigns, the online bookseller has arranged $1 million in emergency financing in an effort to stay afloat.
Booktopia has announced that its chief executive is departing, dozens of jobs will be eliminated, and its earnings forecasts are being withdrawn.Chief executive David Nenke tendered his resignation on Monday morning with immediate effect, the company said. Chief financial officer Fiona Levens resigned on May 15.
To help pay for costs associated with those redundancies, the company has secured a $1 million revolving debt facility with AFSG Capital at an 18 per cent interest rate. The company said economic headwinds and the continued soft performance of the Australian book market have affected its core business, selling physical books via two websites, Booktopia.com.au and angusrobertson.com.au.Booktopia said tertiary students have also been making cost-conscious decisions about their study and learning materials, which has affected the company’s performance in that category.
As a cost-saving measure, Booktopia’s directors have agreed to have their fees paid in the form of shares for the next six months, during which time chairman Peter George will assume the role of executive chairman.
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