Embattled activewear brand Stax appoints liquidators in scramble to save it from closure

Cult Australian activewear brand Stax has officially appointed liquidators as the brand urgently seeks a buyer to save it from collapse.

Stax, which operated online and has two boutique Sydney stores, was placed into receivership in June, just four years after their founders were named on the AFR Rich List.

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Brian Raymond Silvia and Michael Charles Hird of Cascap Advisory were appointed joint liquidators for the embattled brand and its entities, including Stax Retail, Stax GPT and Stax Westfield, on Friday, according to a notice lodged with the Australian Securities and Investments Commission (ASIC).

The group is now undergoing an “urgent” assessment of its business and operations.

Stax informed customers that the Pitt Street Westfield store has since been closed, and the online store is not accepting new orders during the assessment.

“The receivers are actively working with key suppliers, logistics providers and other stakeholders to explore whether and how trading can resume,” Stax said in a message on its website.

“While we understand this uncertainty is frustrating, we are not in a position to provide a timeframe at this stage.”

Company documents have been distributed to interested parties and known industry players in a bid to find a buyer.

It is understood non-binding indicative offers are due Monday.

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

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

Robertson started the brand in 2015 out of his mother’s house before it grew to a multimillion-dollar clothing line. 

The couple relocated to Sydney in 2019, building a team of more than 50 employees and 12 physical stores, 10 of which were shut by 2022.