The founder of Australia’s pioneering online retail sales event says he is “shattered” and “embarrassed” after the company’s shock collapse.
Grant Arnott, founder of Click Frenzy and Power Retail, shared an emotional social media post this week as he “closed the door for the last time” on the prominent e-commerce venture, while taking a cryptic swipe at a “bad decision” made 10 years ago.
Click Frenzy, founded in 2012 as Australia’s answer to the US Cyber Monday sales, and Power Retail, an online news and industry events business, were both placed into liquidation in late March after a secured creditor called in receivers.
Chris Johnson and Andrew McCabe of Wexted Advisors were appointed receivers and managers for both businesses, which have a combined annual revenue of around $7 million.
Frank Lo Pilato and Adam Cormack of RSM Australia were appointed liquidators.
The receivers were “seeking urgent expressions of interest” to buy the businesses, with final binding offers due on Friday, April 17.
Mr McCabe told news.com.au on Thursday “short-listed parties are undertaking due diligence” and receivers were “targeting sale completion in the next three to four weeks”.
Icon’s sad downfall
Click Frenzy was launched in November 2012, against a backdrop of intense media and online build-up.
Such was the frenzied promotion of its first big sale, its website crashed within moments of its launch.
Despite this, the brand continued to grow and built up a major following across Australia — followed by more than 100,000 people on Facebook and almost 40,000 on Instagram.
The brand continued to be prominent in the years to follow, hosting regular sales and promotion events.
In recent weeks, its social media channels were flooded with posts promoting the travel sale event, which was most recently posted on March 29, a day before receivers were appointed.
But on Wednesday, April 1, its website was replaced with an ominous black screen and a single message to visitors.
It read, “Click Frenzy Pty Ltd (in Liquidation). (Receivers and managers appointed).”
A notice appointing the liquidators was also published on the Australian Securities and Investments Commission (ASIC) website.
“Notice is given that at a general meeting of the members of the company held on March 30, 2026, it was resolved that the company be wound up and that Frank Lo Pilato and Adam Cormack be appointed liquidators,” it said.
The site has since come back online as receivers keep the business running during the sale.
‘Shattered, broken’
“Today I closed this door for the last time,” Mr Arnott wrote on LinkedIn on Monday.
“It feels like the saddest thing I’ve ever had to do. I’m shattered, broken, ashamed and embarrassed but I have been deeply moved by the positive messages and comments I have seen from friends, colleagues, and partners over the past few weeks. Thank you all so much, it’s been a challenge to keep up with responding but I will get back to you.”
Mr Arnott added that “the hardest part to live with is that it was all so unnecessary”.
“I made a bad choice 10 years ago, one I will regret for the rest of my life, and I own that,” he said.
“To all who have supported Power Retail, Click Frenzy and me over the past 15 years, I deeply thank you. To friends and colleagues who haven’t seen me in a long time, it’s been rough but I’ll be back … Now it’s time to hang up the white jacket, assist the receivers and get busy on a new existence. AI says wedding singer. I’m intrigued.”
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Mr Arnott declined to comment to news.com.au while the receivership process was ongoing.
In 2016, Mr Arnott’s Global Marketplace (GMP) business group, which owns Click Frenzy and Power Retail, took on investment from Tanarra Capital.
The Melbourne-based asset manager acquired a 40 per cent stake in GMP, which set course for an IPO in 2021 that ultimately did not proceed.
Tanarra Capital confirmed to Inside Retail earlier this month that it no longer held a stake in GMP after parting ways some time ago.
The publication reported that Power Retail staff were shocked by the business’s collapse, citing a lack of communication.
Tanarra Capital has been contacted for comment.
Click Frenzy’s ‘amazing comeback’
Mr Arnott’s post sparked a flood of supportive comments from Australian retail industry figures.
“When a business fails, shame can creep in,” said James Patten, co-founder of online beauty website Ry.com.au.
“It shouldn’t. You stepped up, took risk, and backed yourself when most don’t. That’s not failure — that’s being in the arena. The ones who never try don’t feel this, but they never build anything either. Don’t carry shame — carry the lessons and the edge it’s given you. Reset and go again.”
Mark Gray, managing director of e-commerce business platform CrescoData, praised Mr Arnott for an “amazing comeback from the first ever flash sales Click Frenzy event which …didn’t go well but went on stronger and better every year”.
“Everyone in e-commerce in our industry in AU and NZ owe you a debt of gratitude and appreciation,” he said.
Jethro Marks, co-founder of fellow Australian online retail pioneer Nile Group, wrote, “You’ve made a huge impact on the industry, and no doubt will do more in your future ventures.”
Other sector luminaries to voice their support for Mr Arnott included e-commerce veteran Dean Salakas, ProfitPeak founder Carla Penn-Kahn, Quad Lock co-founder Rob Ward, Luxury Escapes co-founder Adam Schwab, Vinomofo founder Justin Dry and Scalare Partners chief executive Carolyn Breeze.
Aussies go mad for Click Frenzy
QUT marketing expert Dr Gary Mortimer said Click Frenzy was a genuine pioneer in the space, ahead of the likes of Amazon’s Prime Day and Afterpay Day that had since sprung up across the board.
“Click Frenzy was one of these very new, very innovative online retail sales events replicating those iconic days of the Boxing Day sale or the stocktake sale, where we lined up out the front of Myer or David Jones, but done so in an online environment,” Dr Mortimer told news.com.au.
“One of the challenges of online shopping is you have access to millions of products, 24 hours a day, so how do you create that same level of urgency in an online environment? Click Frenzy did that — it was limited time, you’ve got to subscribe, there might be [limited availability]. That created that urgency. The first two of those events crashed because they were so popular.”
Dr Mortimer said even though online shopping had grown more ubiquitous, events like Click Frenzy had not lost their novelty.
“I think it actually works in the opposite direction,” he said.
“Eighty-five per cent of Australians shop online, we spend $83 billion online. We’ve seen significant growth in online food and grocery shopping, it’s now between 14-16 per cent [of Australians]. David Jones, 23 per cent of their revenue is online. It’s something we do and don’t even think about it. But online retail sales events, where you sign up for early access, a ticker that says counting down, those types of mechanisms [still work].”
Iran war ‘cashflow challenges’
Click Frenzy generated $6.8 million in revenue last financial year. The platform has a database of 1.5 million consumers and 17,000 retailers, with more than 450,000 active customers and 1.38 million sessions annually. Power Retail brought in $1.47 million in revenue.
The combined businesses have an “enviable, top-tier client list across multinational and mid-sized retailers”, a sales flyer said.
“2026-27 strategy to build growth and increase profitability. Strong tailwinds with Australia’s online retail market expected to grow at a CAGR of 8.7 per cent to 2028.”
The receivers said their appointment followed a recent online travel event, where revenue had been “negatively impacted by the US-Iran conflict, contributing to the cashflow challenges”.
“Note this does not affect consumers who may have made bookings during the event, as any bookings are made directly with the travel service provider, not Click Frenzy,” Wexted Advisors said earlier this month.
“The receivers are continuing to operate the businesses while an urgent sale campaign is undertaken for the businesses and assets of both businesses.”
Mr McCabe said, “Our immediate focus is stabilising operations while we assess the financial position of the companies. We understand the director has already commenced the sale process and encourage any interested party in Click Frenzy or Power Retail, to contact Wexted Advisors to access the data room and discuss the opportunity to acquire the businesses and their assets.”
— with NewsWire