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Stax is back, saved by founders of sneakerhead marketplace
For the past a month and a half, the website of Australian activewear brand Stax has been replaced by a customer FAQ page that states: “SALE IS CLOSED”.
The company, which was best known for form fitting activewear with minimal branding, collapsed in June after its lender, NAB, called in receivers to try to recover millions in debts owed to several parties.
But one day, and no one is quite sure when, the site will be back up and running. “This is a fresh start for Stax,” said entrepreneur and Stax’s new co-owner, Justin Truong.
“This is such an iconic Australian brand that we want to give it another chance. It could have been sold off to a faceless corporation that could strip it for parts.”
Married investors save collapsed activewear brand Stax
Australian activewear brand Stax has been rescued from collapse after a private investor couple snapped up the embattled business.
Justin Truong and Sandy Li-Truong, the married entrepreneurs who founded Australian streetwear retailer Pushas, have acquired Stax after receivers were appointed to the brand in June.
Pushas co-founders Justin Truong and Sandy Li have acquired Stax. AFR
An investor group led by Truong and Li-Truong have bought the Stax trademarks, design intellectual property, the NANDEX™ fabric technology and its digital assets from FTI Consulting for an undisclosed sum.
The acquisition has been labelled a private investment and will operate as a separate entity to Pushas.
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