Booktopia Group Ltd. (AU:BKG) has released an update.
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Booktopia Group Ltd has been sold to Booktopia Direct (IP) Pty Ltd and its related entity, with a plan to rehire over 100 employees, ensuring continuity for the Australian publishing industry. The sale, managed by McGrathNicol and funded by Moneytech, prevents the immediate closure of the business but fails to provide returns to shareholders. Creditors are to expect a subsequent meeting announcement following the sale completion.
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