Updated ,first published
Australian activewear brand Stax, which was known for its black tights and fleeces, has collapsed into receivership and appointed consultants to explore whether the business can be saved or sold to new owners.
FTI Consulting receiver Joseph Hansell has been appointed to the Perth-founded brand, which was turning over $30 million and valued at $52 million in 2022 and has more than 50 staff.
While activewear brands profited from the casualisation of clothing during pandemic lockdowns, the market became oversaturated and higher interest rates and inflation led to reduced demand and…