Collapsed activewear brand Stax is believed to owe around $8 million to more than 90 unsecured creditors, including statutory liabilities to the Australian Taxation Office of around $1.5 million.
This is according to Cascap Advisory, the company appointed to oversee the liquidation of the Stax company. Cascap pointed out that these figures are preliminary and may change as customers continue to lodge chargeback claims for unfulfilled orders. The liquidators continue to review the companies’ books and records, past reports and creditor claims.
Recent ASIC filings go into detail on the full creditor list, with more than 90 coming forward so far. This includes a few hundred thousand dollars owed to retail real estate companies Scentre Group and GPT Group. Stax had reportedly closed a majority of its retail stores over the last year.
Some of the highest-owed creditors include manufacturers, including two Chinese clothing and accessories manufacturers, each owed $1.04 million and $1.9 million. Other key creditors include Google Australia (owed $506,140.18), Meta Platforms Ireland Limited (owed $328,845.56), and Shiperoo (owed $282,660.30).
Total creditors, excluding the ATO, hover over $6.2 million.
The ASIC filings also show that Stax owed around $453,000 in annual leave and other employee entitlements to 23 employees. They also show that Stax was owed money by three companies, including Shopify, TJX and Girls With Gems. The document does not show how much these parties owe.
Founded in 2015 by Don and Matilda Robertson, Stax was selling a range of everyday essentials through an online channel and two boutique stores in the Sydney CBD and Liverpool up until its collapse.
Ragtrader understands that the assets of the Stax business are still up for sale, with that sale initially launched by the receivers and managers at FTI Consulting. FTI was initially appointed in late June. Since then, Cascap was appointed on July 10 as liquidators of the Stax business.