The founder of Australia\u2019s pioneering online retail sales event says he is \u201cshattered\u201d and \u201cembarrassed\u201d after the company\u2019s shock collapse.<\/p>\n
Grant Arnott, founder of Click Frenzy and Power Retail, shared an emotional social media post this week as he \u201cclosed the door for the last time\u201d on the prominent e-commerce venture, while taking a cryptic swipe at a \u201cbad decision\u201d made 10 years ago.<\/p>\n
Click Frenzy, founded in 2012 as Australia\u2019s answer to the US Cyber Monday sales, and Power Retail, an online news and industry events business, were both placed into liquidation<\/a> in late March after a secured creditor called in receivers.<\/p>\n 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. <\/p>\n Frank Lo Pilato and Adam Cormack of RSM Australia were appointed liquidators.<\/p>\n The receivers were \u201cseeking urgent expressions of interest\u201d to buy the businesses, with final binding offers due on Friday, April 17.<\/p>\n Mr McCabe told news.com.au on Thursday \u201cshort-listed parties are undertaking due diligence\u201d and receivers were \u201ctargeting sale completion in the next three to four weeks\u201d.<\/p>\n Icon\u2019s sad downfall<\/p>\n Click Frenzy was launched in November 2012, against a backdrop of intense media and online build-up.<\/p>\n Such was the frenzied promotion of its first big sale, its website crashed within moments of its launch.<\/p>\n Despite this, the brand continued to grow and built up a major following across Australia \u2014 followed by more than 100,000 people on Facebook and almost 40,000 on Instagram.<\/p>\n The brand continued to be prominent in the years to follow, hosting regular sales and promotion events.<\/p>\n 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.<\/p>\n But on Wednesday, April 1, its website was replaced with an ominous black screen and a single message to visitors.<\/p>\n It read, \u201cClick Frenzy Pty Ltd (in Liquidation). (Receivers and managers appointed).\u201d<\/p>\n A notice appointing the liquidators was also published on the Australian Securities and Investments Commission (ASIC) website.<\/p>\n \u201cNotice 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,\u201d it said.<\/p>\n The site has since come back online as receivers keep the business running during the sale.<\/p>\n \u2018Shattered, broken\u2019<\/p>\n \u201cToday I closed this door for the last time,\u201d Mr Arnott wrote on LinkedIn on Monday.<\/p>\n \u201cIt feels like the saddest thing I\u2019ve ever had to do. I\u2019m 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\u2019s been a challenge to keep up with responding but I will get back to you.\u201d<\/p>\n Mr Arnott added that \u201cthe hardest part to live with is that it was all so unnecessary\u201d.<\/p>\n \u201cI made a bad choice 10 years ago, one I will regret for the rest of my life, and I own that,\u201d he said.<\/p>\n \u201cTo 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\u2019t seen me in a long time, it\u2019s been rough but I\u2019ll be back \u2026 Now it\u2019s time to hang up the white jacket, assist the receivers and get busy on a new existence. AI says wedding singer. I\u2019m intrigued.\u201d<\/p>\n MORE:Aus fashion capital\u2019s sad fight for survival<\/a><\/p>\n