Booktopia enters administration
Online retailer Booktopia has entered administration, following the earlier suspension of trading of its shares on the ASX.
Administrators McGrathNicol are undertaking an ‘urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are explored’. Trading of Booktopia shares on the ASX will remain suspended during the administration process, while the Booktopia website is not taking orders, and customers with outstanding orders will need to make a claim of debt against the company.
The administrators have identified debts of $60 million held by the online bookseller, following the first meeting of creditors on 15 July, stating that the ‘vast majority’ is trade creditor debt, particularly the suppliers of books. McGrathNicol said it is hopeful of finding a buyer for Booktopia that could continue its operations in some form, with at least 80 parties expressing interest. The other option is a sell-off of Booktopia’s assets.
UK market flat; US print sales up on the back of surging romantasy
Overseas, the UK book market was reportedly down about 1% compared to the first half of 2023, according to Nielsen BookScan. However, the drop can be attributed to the absence of Prince Harry’s bestselling memoir, Spare, with the Bookseller writing that ‘without Spare, it’s possible to speculate that this half-year would have actually outperformed the last’.
In the US, a huge increase in print book sales in the adult fantasy category has contributed to overall unit sales of print books increasing 1.1% in the second quarter of 2024, compared to the same period in 2023, according to Circana BookScan figures. Adult fantasy sales grew 85.2% compared to the first six months of 2023, led by sales of Sarah J Maas and Rebecca Yarros titles, while science fiction and suspense/thriller categories each increased by about 20%. Adult fiction as a whole rose 6.3% in the first half, and young adult fiction increased 6.2%, while sales of graphic novels fell 16.1%, marking a continued receding trend ‘from record highs in 2022’, according to Publishers Weekly.
Awards round-up
The latest Australian literary award news includes the reveal of the shortlist for the 2024 Miles Franklin Literary Award, Alexis Wright being named the winner of the 2024 ALS Gold Medal for Praiseworthy (Giramondo), and the announcement of the winners of the ACT Literary Awards 2024.
Kaya Ortiz has won the 2024 Dorothy Hewett Award for their unpublished manuscript Past and Parallel Lives, for which Ortiz receives a publishing contract and manuscript development with UWA Publishing, and $10,000 in prize money courtesy of the Copyright Agency Cultural Fund. Meanwhile, not-for-profit organisation Shalom Australia has announced the inaugural Australian Jewish Book Awards will include a new $4000 prize for an unpublished manuscript that engages with Jewish experience. The award is open to writers of all levels, and the winner will receive a mentorship with judge Lee Kofman and have their manuscript reviewed by Morry Schwartz, owner of Schwartz Publishing. More information about the awards is on the Shalom Australia website.
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