NAB appoints FTI receivers to activewear brand Stax

National Australia Bank has appointed Joseph Hansell and Asjadi Hone of FTI Consulting as receivers and managers of Australian activewear retailer Stax following financial pressure and overdue debts. The 24 June appointment was made under NAB’s general security agreement and covers STAX. Pty Ltd, STAX. GPT Pty Ltd, STAX. Westfield Pty Ltd and STAX. Retail Pty Ltd. The receivers have taken control of the companies’ assets and operations and are conducting an urgent assessment of the business.

Stax’s e-commerce platform and its boutique stores in Sydney’s central business district and Liverpool will continue trading during the review. FTI has not disclosed the amount owed to NAB, the group’s total liabilities or whether a formal sale process will be launched.

Founded in Perth in 2015 by Don Robertson and Matilda Murray, Stax developed a substantial online following through limited-edition releases, influencer collaborations and activewear offered in sizes XXS to 4XL. The business expanded to as many as 12 physical locations before retreating to a predominantly online model and retaining two stores.

Robertson previously attributed the company’s difficulties to weaker discretionary spending during the cost-of-living crisis and acknowledged that its retail expansion had placed pressure on the business. Stax was reported to have been valued at $52 million in 2022.

The receivers said the brand has strong customer support and will trade as usual while they determine the appropriate path forward. No timetable has been announced for completing the operational review.