Tag: saved

Stax is back, saved by founders of sneakerhead marketplace | Married investors save collapsed act…

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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For the past a month and a half, the website of Australian activewear brand Stax has been replaced by a customer FAQ page that states: “SALE IS CLOSED”.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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August 10, 2026
Hundreds of jobs saved after beloved Aussie retailer sold to rival following collapse | Discount …

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Hundreds of jobs saved after beloved Aussie retailer sold to rival following collapse

More than 500 jobs have been rescued after popular bargain chain Cheap as Chips was snapped up following its collapse into administration.

More than 500 jobs have been saved after a beloved discount retailer was sold following its collapse into administration this week.

Choice the Discount Store has acquired the Adelaide-based Cheap as Chips chain, which runs 47 stores across South Australia, Victoria, and New South Wales, and employs around 525 staff.

Of the 47 branches, 44 are set to remain open under the proposed deal with all shop workers retained, however, there will be a "small number" of head office redundancies.

Three locations will close their doors for good: Albury in NSW, Wonthaggi in Victoria and Windsor Gardens in suburban Adelaide.

Discount chain Cheap as Chips to be sold as administrators called in

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Cheap as Chips, a major discount retailer controlled by private equity firm Alceon, has been forced into administration and will be acquired by one of its biggest rivals.

Administrators from WLP Restructuring have taken control of the retailer on a day-to-day basis and will oversee the sale of the business.

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January 2, 2026
‘Hytale is saved’: Riot sells cancelled game back to original co-founder, who promises to take it…

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'Hytale is saved': Riot sells cancelled game back to original co-founder, who promises to take it 'back to the original vision for Hytale'

Simon Collins-Laflamme says he's already rehired more than 30 Hytale developers, and more are coming.

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Five months after cancelling the development of Hytale and closing the studio working on it, Riot Games has sold the whole thing back to original co-founder Simon Collins-Laflamme. And yes, that means work on the game has resumed: Collins-Laflamme said more than 30 former developers "who know this game inside and out" have been brought back to continue development, and more are expected to follow soon.

"We are thrilled to announce that we have acquired Hytale from Riot Games," Collins-Laflamme wrote in a new update on the Hytale website.

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"Hytale is saved": Riot sells Hytale back to Hypixel founders, who promise 10 years of support, an early access date soon, and a return to the "original vision"

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After protracted development at Hypixel, a sale to Riot Games, many quiet years, and an abrupt cancellation and studio closure earlier this year, Hytale is, somehow, back. Riot has sold the Minecraft-inspired survival game back to Hypixel founder Simon Collins-Laflamme, who plans to release it in early access "as soon as possible."

Collins-Laflamme broke the news on Twitter on Monday. "We did it. Hytale is saved. We have acquired Hytale from Riot Games," he writes.

"This game has always been close to my heart, and I’m excited to bring it back home," he adds.

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November 17, 2025