The owners of Perth-founded activewear business Stax Group have moved to wind up the e-commerce-focused brand after it was placed into receivership.
The owners of Perth-founded activewear business Stax Group have moved to wind up the e-commerce-focused brand after it was placed into receivership.
Stax's shareholders appointed liquidators from CasCap Advisory to wind up four entities under the activewear group following a meeting on Friday, ASIC filings show.
Brian Silvia and Michael Hird from the Sydney-headquartered insolvency firm will now liaise with the receivers and managers from FTI Consulting, who were appointed on June 24.
FTI Consulting’s Joseph Hansell and Asjadi Hone – who were called in by Stax’s secured creditor NAB – are still in control of the business are continuing to run a sales process.
When Stax first collapsed, it released a statement outlining the “immediate priority is to assess inventory, supply chain and outstanding customer orders in order to determine the best path forward”.
“The receivers are actively working with key suppliers, logistics providers and other stakeholders to explore whether and how trading can resume,” Stax wrote in a statement on its website.
“While we understand this uncertainty is frustrating, we are not in a position to provide a timeframe at this stage.”
Stax was founded by Don Robertson and Matilda Murra in 2015. The pair were named in the Australian Financial Review’s Rich List, which valued them at $52 million in 2022.
The business previously operated a store in Hay Street Mall, which it opened in 2022 and subsequently shuttered about three years later.
It closed its Pitt Street Westfield store in Sydney during the receivership process. Stax also has a storefront in Westfield Liverpool in NSW.
The activewear retailer's collapse marks the latest in a string of fashion retailer insolvencies, following practitioners being appointed to Perth-founded shoe retailer Betts last month.
Fellow retailers Wittner, Jeans West, Ally Fashion and Mosaic Group - which operated Noni B, Katies and Rivers - all hit the wall, with outcomes ranging from restructures and sales to closures.
