Australian activewear brand Stax has entered receivership, with consultants appointed to take control of the business while they assess its future.
The company, founded in 2015, grew into a $52 million business worn by celebrities including Jennifer Lopez, Lizzo, and Hailey Bieber, and employs more than 50 staff.
Here’s what you need to know.
Announcement
On Wednesday, consulting firm FTI announced Stax had entered receivership.
Receivership is when an independent party is appointed to take control of a company and recover money owed to creditors after it runs into financial trouble. FTI will continue operating the business while it assesses its future.
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Receiver Joseph Hansell said: “The business is trading as usual while the receivers undertake an urgent assessment of the company’s operations.”
Stax
Stax was founded in 2015 by Don Robertson, who launched the brand from his family’s spare bedroom in Perth while carrying $80,000 in personal debt. His wife, Matilda, joined the business a year later.
The pair built Stax into one of Australia’s biggest activewear brands, worn by celebrities including Jennifer Lopez, Lizzo, and Megan Fox. They appeared on The Australian Financial Review’s Young Rich List in 2022 and were estimated to be worth $70 million last year.
At its peak, Stax operated 12 stores before shifting its focus online.
