Aussie activewear brand Stax owed $6.7 million to staff, ATO and suppliers before collapse
Collapsed Australian activewear brand Stax owed a total of $6.7 million in unpaid debts to staff, the tax office and suppliers before it was placed into receivership.
The brand’s dire financial health has been laid bare in documents filed to the Australian Securities and Investments Commission (ASIC), which revealed the company’s list of secured and unsecured creditors.
Don Robertson holds up one of the early versions of his STAX. products in 2015. Instagram
According to ASIC, Stax owes more than $453,000 to staff before its collapse, including $63,556 in superannuation, $89,209 in annual leave and $128,683 in redundancy payments.
Stax also owes other creditors another $6.2 million.
This includes $123,858 to the Australian Tax Office (ATO) in Business Activity Statement (BAS) payments, $500,000 to Google, $328,845 to Meta, and $1.9 million in unpaid fees to Ningbo Mingna Garments.
The debts were listed in a document lodged to ASIC on July 17.
Stax was placed into receivership in June, with Brian Raymond Silvia and Michael Charles Hird of Cascap Advisory were appointed joint liquidators for the brand and its entities, including Stax Retail, Stax GPT and Stax Westfield.
The brand paused orders and closed its two stores on Sydney’s Pitt Street and Liverpool Westfield.
Stax co-founders Don Robertson and Matilda Murray broke their silence last week with an emotional statement to social media.
The couple described the past few weeks as “the most difficult chapter of our lives” and acknowledged that customers are “frustrated, disappointed and understandably upset” that orders have not been fulfilled.
“I want you to know that we have heard you,” the statement said.
The Stax stores in Sydney CBD and Liverpool have closed. Nicole Douglas
“First and foremost, we’re truly sorry for this and for not communicating earlier.
“Stax was built over more than a decade with an incredible community and knowing that so many of our customers have been impacted is something we carry every day.”
Robertson and Murray said that the company is now in the hands of receivers.
The brand was founded by Rich-Listers Don Robertson and Matilda Murray. James Brickwood
Any decision regarding outstanding orders remains under their remit.
The couple told customers to contact their credit card or bank to “ask about the options available to you”, including initiating a chargeback process.
They went on to thank their community for sticking by Stax for more than 10 years.
“Thank you as well to those who have shown us kindness during what has been the most difficult chapter of our lives,” Robertson and Murray added.
The brand is now urgently seeking a buyer to save it from being shuttered.
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