Booktopia, Australia’s largest online book retailer, went into voluntary administration last week. The store’s closure would be particularly wounding for some Australian small publishers that have grown to rely on Booktopia as their primary sales channel. The news comes as Australian physical bookstores strive for innovation to compete with massive online brands. While some writers and readers are stunned at Booktopia’s imminent closure, the news is unsurprising to many in the industry.
Booktopia’s peak success was in the 2022 financial year, but it has suffered a quick decline in profitability in the last two years. The company debuted on the Australian Stock Exchange at $2.30, but had fallen 98% to just four cents by June, when it was suspended.
