Stationery supplier Sequel Books and Stationery has gone bankrupt after more than thirty years of supplying books to more than 50 schools.
The company, based in Willawong in Brisbane’s south, went into voluntary administration on Monday, with the company struggling to deliver orders to customers since the start of this year.
The company now owes $5 million to creditors, including $2.3 million payable to suppliers.
Sequel Books and Stationery (photo) has gone bankrupt
Frustrated customers flooded the company with as many as 1,700 emails asking why their orders were not delivered before the start of the first term.
The embattled company was forced to disable the comments section of their Facebook page amid an outpouring of anger.
Christopher Baskerville of insolvency firm Jirsch Sutherland has been appointed as receiver and will take over the company’s finances.
Mr Baskerville told Daily Mail Australia in a statement that it was not yet known how much creditors would have to pay.
“Our focus is on working quickly towards an orderly liquidation of the company,” he said.
‘We understand that this is a difficult time for the directors, customers and suppliers and are now working closely with the company’s directors to achieve the best returns for creditors.’
The company employed 50 staff during peak periods and supplied books and stationery to 55 schools in Queensland.
Anna Henderson, the executive director of Sequel Books and Stationery, issued a statement on the company’s website informing customers that the company had reluctantly decided to liquidate.
“The economic challenges proved insurmountable for our company, leading to the difficult conclusion of nearly three decades of operations,” she said.
The company has had difficulty processing customer orders since the beginning of this year (stock image)
The company supplied books and stationery to more than 50 schools in Queensland (stock image)
Ms Henderson recognized the hard work of staff who have contributed to the company’s success over the years.
“The challenges you have faced over the last few months have been enormous and you have all met them with such grace, I am in awe of you,” she said.
The company was originally founded as Bakers Bookstore in 1902 before becoming BCF (Barker Conlan and Ferrett).
The company later became Sequel Books and Stationery.