{"id":850567,"date":"2026-08-10T19:12:24","date_gmt":"2026-08-10T19:12:24","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/850567\/"},"modified":"2026-08-10T19:12:24","modified_gmt":"2026-08-10T19:12:24","slug":"collapsed-activewear-brand-stax-acquired-by-private-investor-couple","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/850567\/","title":{"rendered":"Collapsed activewear brand Stax acquired by private investor couple"},"content":{"rendered":"

Australian activewear brand Stax<\/a> has been rescued from collapse after a private investor couple snapped up the embattled business.<\/p>\n

Justin Truong and Sandy Li-Truong, the married entrepreneurs who founded Australian streetwear retailer Pushas, have acquired Stax<\/a> after receivers were appointed to the brand in June.<\/p>\n

\"\"<\/p>\n

Pushas co-founders Justin Truong and Sandy Li have acquired Stax.\u00a0 AFR<\/p>\n

An investor group led by Truong and Li-Truong have bought the Stax trademarks, design intellectual property, the NANDEX\u2122 fabric technology and its digital assets from FTI Consulting for an undisclosed sum.<\/p>\n

The acquisition has been labelled a private investment and will operate as a separate entity to Pushas.<\/p>\n

\u201cStax remains one of Australia\u2019s most recognised activewear brands, with a loyal customer community and strong long-term potential,\u201d Li-Truong\u00a0said in a statement.<\/p>\n

\u201cDon and Matilda built something special: a fashion-forward activewear brand centred around the belief that every body is a Stax body.<\/p>\n

Truong\u00a0will serve as Stax chairperson, while Pushas will appoint a new chief executive and fresh team to bring the brand back to life and resume day-today operations.<\/p>\n

\"The<\/p>\n

Stax owed over $1.7 million in outstanding orders.\u00a0Nicole Douglas<\/p>\n

Truong\u00a0added that he and his wife have an \u201cenormous respect\u201d for Stax\u2019s original co-founders Don Robertson and Matilda Murray and the community of loyal customers they built.<\/p>\n

In his statement, Truong made it clear that legal responsibility for unfulfilled orders \u201cdid not transfer to the new ownership\u201d.<\/p>\n

However, he said the team would explore ways to support customers after relaunch.<\/p>\n

Li-Truong and Truong did not confirm exactly when Stax would resume taking online orders or if the closed brick and mortar stores would reopen.<\/p>\n

The couple teased Stax\u2019s return with a short video posted to Instagram that indicated the brand would be back up and running by spring 2026, with the caption \u201cstay tuned\u201d.<\/p>\n

Stax owed over $1.7 million in outstanding orders<\/a> to almost 13,000 customers before its collapse, financial records show.<\/p>\n

\u201cAffected customers should receive an email from Stax in the coming weeks to register the details of any unfulfilled orders,\u201d Truong added.<\/p>\n

\u201cStax is expected to relaunch online ahead of summer, with Australian fulfilment and a renewed focus on considered product releases, quality and long-term sustainable growth.\u201d<\/p>\n

Receiver Asjadi Hone\u00a0said she was proud to have facilitated the sale of Stax to new owners and help preserve the brand\u2019s identity.<\/p>\n

\u201cThis\u00a0is a great outcome for the brand to restore trust with its large and loyal customer community across Australia,\u201d Hone said.<\/p>\n

\u201cThe new owners will appoint a team to focus on rebuilding the brand while maintaining the product quality, inclusivity and community connection that has defined Stax since its launch.\u201d<\/p>\n

Stax\u2019s financial woes laid bare<\/p>\n

Stax was in the red for a total of $23,769,514 in liabilities and debts owed to creditors when it collapsed, according to documents filed to the\u00a0Australian Securities and Investments Commission (ASIC)<\/a>\u00a0in July.<\/p>\n

Along with $1.7 million in unfulfilled orders, the brand also owed more than $453,000 to staff before its collapse, including $63,556 in superannuation, $89,209 in annual leave and $128,683 in redundancy payments.<\/p>\n

Other creditors were owed another $6.2 million, with $500,000 owed to Google, $328,845 to Meta, and $1.9 million in unpaid fees to Ningbo Mingna Garments.<\/p>\n

After it collapsed into receivership, the brand paused orders and closed its two stores on Sydney\u2019s Pitt Street and Liverpool Westfield.<\/p>\n","protected":false},"excerpt":{"rendered":"Australian activewear brand Stax has been rescued from collapse after a private investor couple snapped up the embattled…\n","protected":false},"author":2,"featured_media":797592,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,63,99],"class_list":["post-850567","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-au","tag-australia","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/850567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=850567"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/850567\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/797592"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=850567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=850567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=850567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}