Cult Australian activewear brand up for sale

Australian activewear brand Stax has been put up for sale.

The brand, which was founded by Don Robertson and Matilda Murray, was placed into receivership last week.

Company documents have been distributed to interested parties and known industry players

It is understood a sale process has commenced with a transaction memorandum and data book being provided to interested parties who have reached out directly to the receivers.

It is understood non-binding indicative offers due on July 13.

Stax was at one time touted as a $52 million business.

The Australian activewear company operated online and also had two boutique stores in the Sydney CBD and Liverpool.

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The brand’s success saw Robertson and Murray placed on the Australian Financial Review’s 2022 Young Rich List.

Joseph Hansell and Asjadi Hone were appointed as receivers and managers for the business last week.

“Stax is a well-known Australian brand with strong customer support,” receiver and manager Joseph Hansell said last week.

“Stax has done something genuinely impressive, proving that premium activewear does not have to choose between performance and style.

“The business is trading as usual while the receivers undertake an urgent assessment of the company’s operations.”

Nine.com.au has reached out to Stax for comment.

Stax is not the only Australian retailer to face challenges recently.

Popular streetwear brand Geedup Co collapsed into liquidation last week.

The business was founded  in western Sydney in 2010 and developed a cult following.

Meanwhile, popular craft retailer Lincraft announced it is set to close all of its physical stores after more than 80 years in business.

The brand has more than 60 stores across Australia and New Zealand.