Once a rising Australian challenger to global activewear giants Lululemon and Nike, popular inclusive fashion label Stax has formally entered voluntary liquidation, leaving thousands of customers uncertain about unfulfilled orders and unusable gift cards, according to official updates from the Australian Competition and Consumer Commission (ACCC).
The liquidation process comes after National Australia Bank (NAB), Australia’s one of the big four banking groups, appointed receivers from FTI Consulting earlier this year to recover outstanding debt owed by the brand. Following this step, the ACCC confirmed that joint liquidators Brian Silvia and Michael Hird from Cascap Advisory have been appointed to oversee the wind-down of multiple Stax corporate entities. Unlike receivers, whose primary mandate is to recover funds for specific creditors (in this case NAB), liquidators are tasked with selling off all remaining assets of the insolvent business and distributing proceeds evenly across all outstanding creditors.
Founded in 2015 and formally registered in Western Australia in 2017, Stax grew from a small grassroots startup to a major competitor in the global activewear market. The brand built a massive cult following across Australia for its signature “buttery soft” leggings, fashion-forward designs, and industry-leading inclusive sizing, operating both an e-commerce platform and two physical boutique stores in Sydney and Liverpool. At its peak operational height, Stax generated more than AUD 30 million in annual revenue and employed more than 160 workers across the country. Just one month before entering liquidation, Stax’s co-founders Dan and Matilda Murray made a last-ditch effort to keep the business solvent, selling off its retail store assets and luxury personal vehicles including a Lamborghini and a Porsche.
In an official public statement posted to Stax’s website, the brand confirmed that a large number of pending customer orders will not be fulfilled, and the company is no longer able to honor outstanding gift cards or store credit notes. Receivers first took control of Stax operations on June 24 to assess the business and negotiate with key stakeholders to explore options for continued trading, but those talks have not resulted in a rescue deal to date.
Customers who purchased items in pre-sale promotions on or before June 24 face particular uncertainty: the company noted that most pre-ordered goods were not held in domestic stock, instead relying on overseas suppliers to manufacture and ship inventory to Australia. Order fulfillment for these purchases depends on cooperation from the full supply chain, including overseas manufacturers, freight forwarders, and third-party logistics providers, many of which are also owed outstanding payments by Stax. For all other undelivered orders placed before June 24, delivery is similarly contingent on reaching a new agreement with the third-party logistics firm, which is an unsecured creditor of the insolvent Stax group.
At this stage, the business is also unable to process any returns or exchanges for customers, and all unused gift cards and credit notes will not be accepted for future purchases. “We recognise how disappointing this will be for affected customers and we are sorry for the impact this has. Should this position change, we will provide updates promptly,” the statement read. As of the latest update, liquidators are continuing their assessment of the business’s remaining assets and creditor claims, with further updates expected as the wind-down process progresses.