Australian activewear brand Stax has appointed liquidators amid an ongoing search for a buyer to save it from complete collapse.
Brian Silvia and Michael Hird of CasCap Advisory were called in on Friday after a meeting of members resolved to wind up a number of Stax entities, a notice lodged with ASIC revealed.
The development comes after Stax, which was was launched from a bedroom in Perth in 2015 by Matilda Murray and Don Robertson, was placed into receivership in June.
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After being appointed by big four bank NAB, Joseph Hansell and Asjadi Hone of FTI Consulting have been scoping out potential buyers ever since.
That process remains ongoing, with non-binding indicative offers due on Monday, July 13.
Receivers generally deal with specific debt for a single creditor, while liquidators can wind up a company and operate more broadly for all creditors.
Customers were told last month that the receivers were “undertaking an urgent assessment of the business and its operations to determine the best way forward”.
“To minimise disruption while this assessment is undertaken, the Pitt Street Westfield store is currently closed, and the online store is not accepting new orders,” the STAX website said.
“The receivers are actively working with key suppliers, logistics providers and other stakeholders to explore whether and how trading can resume.
“While we understand this uncertainty is frustrating, we are not in a position to provide a timeframe at this stage.”
Products already delivered cannot be returned or exchanged, and gift cards are not being honoured.
The business was once reportedly worth $52m, while Murray and Roberston featured on the Australian Financial Review’s Young Rich List in 2022.
That same year, police were forced to shut down an event in Perth when hundreds gathered to meet TikTok influencer Anna Paul as part of a collaboration with Stax.
The brand was expecting about 200 to 300 people to attend the four-hour event, but WA Police were forced to act after several people collapsed.
The founders told the Daily Telegraph they had known things were heading south for 12 months and had closed stores and sold luxury cars to save the company.
Hansell previously described Stax as a “well-known Australian brand”.
“Stax has done something genuinely impressive proving that premium activewear does not have to choose between performance and style,” Hansell said.
