Booktopia acquires upgraded distribution centre as it closes in on $14m investment package
- jenny0154
- Aug 9, 2022
- 1 min read
Online book retailer Booktopia (ASX: BKG) is aiming for some relief from its current bind with the announcement that it has secured a new 20,000sqm customer fulfilment centre (CFC) expected to drive significant operational efficiencies.
The Sydney-based business, which has seen its share price plummet 79 per cent since the start of the year, confirmed last month that its founder and major shareholder Tony Nash was to step down from his role as CEO with immediate effect, having previously agreed to continue in the role until a replacement was found.
Nash tendered his resignation in May following a poor set of third-quarter financial results, which saw EBITDA drop 63 per cent from the previous year to $5.5 million, but had intended to stay on in an executive capacity until he was placed on gardening leave in July.
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