Activewear brand Stax has entered liquidation following a period of financial distress that saw the company move into receivership in June. Co-founders Don Robertson and Matilda Murray have confirmed that the brand is no longer trading, leaving customers with unfulfilled orders. According to the co-founders, the business is now under the management of joint liquidators Brian Silvia and Michael Hird of Cascap Advisory.
Financial Decline and Asset Liquidation
The collapse of Stax follows a series of attempts to stabilize the company’s finances. Last month, Robertson and Murray sold retail assets and luxury vehicles, including a Porsche and a Lamborghini, in an effort to keep the business operational. Despite these measures, the brand—which once reported an annual turnover exceeding $30 million and employed 160 staff—could not sustain its operations.
Did you know? Stax was founded in 2015 and officially registered in Western Australia in 2017, eventually growing to compete with global market leaders such as Nike, Adidas, and Lululemon.
Customer Recourse for Unfulfilled Orders
In a social media statement released Tuesday, the co-founders acknowledged the frustration of customers who paid for products that were never delivered. The pair stated they are “truly sorry” for the lack of communication regarding the state of the business.
For customers seeking to recover funds, the co-founders advised contacting their financial institutions to inquire about chargeback processes. Because the company is now in the hands of liquidators, all outstanding orders and financial claims must be managed through the formal insolvency process overseen by Cascap Advisory.
Broader Trends in the Activewear Sector
Pro Tip: When purchasing from smaller online retailers, consider using credit cards rather than debit cards. Credit card providers often offer more robust consumer protection policies, such as the right to dispute charges for goods that are never received.
Frequently Asked Questions
What should I do if I have an outstanding order with Stax?
The co-founders have advised customers to contact their bank or credit card provider immediately to discuss options, such as initiating a chargeback for the unfulfilled purchase.
Who is managing the liquidation of Stax?
Brian Silvia and Michael Hird of Cascap Advisory have been appointed as the joint liquidators for the various Stax entities.
Why did the company collapse?
While the founders described the final weeks as the most difficult of their lives, the company had previously attempted to sell luxury assets and retail stores to remain viable before eventually entering receivership in June.
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