Former owners of rescued activewear brand Stax reveal ‘shock and grief’ of losing business
Updated . First published at
The former owners of activewear brand Stax have spoken of their despair over losing control of the business in a lengthy public message, issued one day after the company was rescued by investors.
Stax appointed receivers in June and was saved from collapse at the 11th hour by a private investor group led by married couple and Pushas co-founders Sandy Li-Truong and Justin Truong.
Don Robertson and Matilda Murray founded Stax in 2015. Instagram
Following news of the acquisition, one-time AFR Rich Lister Don Robertson – who founded Stax in 2015 alongside wife Matilda Murray – said the experience had been one of the most “painful and confronting” periods of their lives.
“We are still processing the shock and grief of losing something that meant so much to us for over 10 years,” Robertson said in a post on Instagram.
“But we also know this isn’t only about our pain. As the founder and leader of the business, I made decisions that shaped its direction.
“Some worked, and some ultimately didn’t.”
Robertson went on to apologise to customers who were still waiting on unfulfilled orders.
Stax owed over $1.7 million in outstanding orders to almost 13,000 customers before its collapse, financial records show.
“I am deeply sorry to everyone adversely impacted,” he continued.
“We also want to acknowledge the customers whose pre-sale orders were affected during this period.
“We would never have knowingly accepted those orders if we believed the business would not remain in a position to fulfil them.
“But we understand that our intentions do not erase the disappointment or frustration people experienced. Your trust matters to us, and we are genuinely sorry that our chapter ended this way.”
Stax owed over $1.7 million in outstanding orders to almost 13,000 customers before its collapse. James Brickwood
Once receivers were appointed to take control of the company, Robertson said customer order fulfillment was “passed out of our hands”.
Impacted customers have been urged to register their details with the new owners of the brand.
Robertson went on to chalk up the experience of losing his beloved brand as a series lessons.
“Lessons I will carry with me for the rest of my life, both personally and professionally,” he added.
“While it is incredibly painful to say goodbye, we genuinely wish the new owners and the brand every success in this next chapter.”
Couple rescues Stax at 11th hour
An investor group led by Truong and Li-Truong bought the Stax trademarks, design intellectual property, the NANDEX™ fabric technology and its digital assets from FTI Consulting for an undisclosed sum this week.
The acquisition has been labelled a private investment and will operate as a separate entity to Pushas.
The couple teased Stax’s return with a short video posted to Instagram that indicated the brand would be back up and running by spring 2026, with the caption “stay tuned”.
“Stax remains one of Australia’s most recognised activewear brands, with a loyal customer community and strong long-term potential,” Li-Truong said in a statement.
Streetwear entrepreneurs Justin Truong and Sandy Li-Truong have bought Stax. Audrey Richardson
“Don and Matilda built something special: a fashion-forward activewear brand centred around the belief that every body is a Stax body.”
Truong added that he and his wife have an “enormous respect” for Stax’s original co-founders Robertson and Murray, and the community of loyal customers they built.
In his statement, Truong made it clear that legal responsibility for unfulfilled orders “did not transfer to the new ownership”.
However, he said the team would explore ways to support customers after relaunch.
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