Australian activewear brand Stax saved from collapse by sneakerhead marketplace founders

Australian activewear brand Stax is already teasing its comeback after the struggling fashion business was rescued from collapse.

Stax was acquired by a private Australian investor group led by Justin Truong and Sandy Li-Truong, married Sydney entrepreneurs behind online sneaker and apparel store Pushas.

Under the deal announced on Monday, Stax trademarks, design intellectual property, Nandex fabric technology and digital assets are now in the hands of the new owners.

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Truong has been named chairperson and will hire a new chief executive and an experienced team to rebuild the brand and run day-to-day operations of the business.

“We have enormous respect for the community the founders built over the past decade,” he said.

Stax entered receivership in June, with Joseph Hansell and Asjadi Hone of FTI Consulting put in control of the business and its assets, as they searched for a buyer.

Brian Silvia and Michael Hird of CasCap Advisory were then appointed as liquidators in July, with a preliminary report to creditors saying 12,927 customer orders worth $1,713,986 were yet to be delivered.

“Although legal responsibility for orders placed with the previous entity did not transfer to the new ownership, we recognise the impact on affected customers and are actively exploring meaningful ways to support them as the brand relaunches,” Truong said on Monday.

“Affected customers should receive an email from Stax in the coming weeks to register the details of any unfulfilled orders.”

According to the report, Stax had $23,769,514 in liabilities to secured and unsecured creditors, and staff were owed more than $450,000 — including $389,524 in employee entitlements and $63,557 in superannuation.

Stax was a once thriving Australian activewear brand founded in 2015 in Perth by Don Robertson and Matilda Murray.

“Many of you are frustrated, disappointed and understandably upset,” the pair said in a joint statement in July, as customers waited for answers on purchases that had not arrived.

“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.”

Li-Truong said Stax remains a recognised brand and has strong long-term potential.

“Don and Matilda built something special,” Li-Truong said on Monday.

“Our responsibility now is to earn the trust of the Stax community.

“That starts with bringing in a team that can rebuild the business on strong foundations, invest in quality and deliver the experience customers expect from the brand.”

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Stax is expected to relaunch online ahead of summer, with a “renewed focus on considered product releases, quality and long-term sustainable growth”.

It has already teased it is “coming back soon — under new management” in an Instagram post shared on Monday.

The post was restricted, with people unable to comment on the update.

On Facebook, where the tease was also posted, comments were allowed.

“Will I be receiving my order that I paid for back in June that I didn’t get?” one customer asked.

Another said: “Pllllleaseeee tell me my April order will arrive then.”

Hone said FTI Consulting was “proud” to have got the deal done locked away.

“This is a great outcome for the brand to restore trust with its large and loyal customer community across Australia,” Hone said.

The private investment group led by Truong and Li-Truong is independent of Pushas.