Australian activewear brand Stax is the latest apparel brand facing troubles, with Joseph Hansell and Asjadi Hone of FTI Consulting being appointed as receivers and managers of the company.
Founded in 2015 by Don and Matilda Robertson, Stax sells a range of everyday essentials through an online channel and two boutique stores in the Sydney CBD and Liverpool.
Hansel said the business is trading as usual while the receivers undertake an urgent assessment of the company’s operations. Stax’s operations cover four entities, including STAX. Pty Ltd, STAX. GPT Pty Ltd, STAX. Westfield Pty Ltd and STAX. Retail Pty Ltd.
“Stax is a well-known Australian brand with strong customer support,” Hansel said. “Stax has done something genuinely impressive proving that premium activewear does not have to choose between performance and style.”
This comes after the brand shrunk its store count in recent years. By 2024, the brand held around 12 physical stores, but most of these were shuttered over the last year.
Various news reports indicate the founders faced a tough trading environment, which led to the shrinking in operations.