| January 22, 2010 |
 Frooition eBay Designer Goes Bankrupt, Announces MBO |
| By: Ina Steiner |
| Fri Jan 22 2010 13:03:04 |
 Frooition went into administration (the UK equivalent of bankruptcy), and the company announced a management buy-out of the business, funded by CEO Phillip Molloy and Director Grenville Whelan.
Frooition designs stores for eBay sellers, who have not been impacted, according to the company's spokesperson, who wrote, "In short, it's an MBO, the result of which is that the business will move from one entity to another, hence the current entity will go into administration but this will have no negative impact on customers whatsoever."
Andy Geldman broke the news in Auction Software Review this morning, reporting that Frooition Limited went into administration on January 7, 2010.
Frooition CEO Phillip Malloy wrote in an email this morning to AuctionBytes, "It's all good and positive news for us and business as usual as far as customers and partners are concerned - no drama." He did not respond to our question about what led to the company's financial problems. The company's announcement is found here on its website.
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