Pioneering Brisbane recycling venture Circonomy was placed in voluntary liquidation on Friday with founder Yas Grigaliunas saying the 11-year-old business was no longer financially viable.
Liquidators James Taplin and Stefan Dopking of BRI Ferrier were handed the books to review the company’s operations for a possible sale.
Circonomy began in life in 2013 as the charity fundraiser the World’s Biggest Garage Sale (WBGS), offering a wide range of products including repaired, recycled or refurbished products, in a bid to reduce waste and costs and increase sustainability. Two years later WBGS became a company and following year Grigaliunas began setting the stage to launch Circonomy as a closed loop repair, repurpose and resale enterprise.
Circonomy launched in September 2022, a month after Officeworks took a 21% stake in the business. The business supplies retailer had plans to expand the concept into a national recovery and repair service under the Circonomy brand, expanding beyond furniture and office supplies, to retail products that would otherwise be sent to landfill.
At the time Officeworks MD Sarah Hunter said they’d partnered with WBGS for the previous three years.
“Together we have demonstrated a feasible model to collect, repair, repurpose and resell damaged or customer returned products. We’re excited to replicate and scale this model across Australia,” she said.
The upcycler also collaborated with other retailers such as Catch, David Jones, and Azura to offer a wide of consumer goods at discounts of up to 80%. Today the range spans homewares, clothing and footwear, beauty and personal care products, toys, sports equipment, watches and technology.
Late last year, they opened a 2nd store in the north Melbourne suburb of Reservoir.
In a statement announcing the decision to place Circonomy in voluntary liquidation, Grigaliunas said that despite the best endeavours of the team to increase sales and reduce costs, the business was no longer financially viable.
“We express our deepest gratitude to all who have been part of this journey – our team, our partners, and our shareholders. Your belief in our mission has been the driving force behind every milestone we’ve achieved,” she said.
“Our focus is now on supporting our employees through this process, in any way we can. We understand the impact this decision will have on them and we do not take it lightly. While this is not the outcome we had hoped for, we are proud of the positive impact Circonomy has made. The lessons learned and the connections forged will continue to influence the circular economy landscape.”
Grigaliunas said the business was a key driver for environmental sustainability and created significant social impact, and their passion for impact and innovation, with a focus on people, planet, and profit-for-purpose, remains strong.
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