Women’s clothing and activewear Stax has entered into voluntary liquidation, with urgent assessment of the business underway.
In a grim update from the ACCC, the business appointed Brian Silvia and Michael Hird of Cascap Advisory as joint liquidators for multiple Stax entities.
The latest blow for the cult Australian activewear brand follows banking giant NAB previously appointing FTI consulting as receivers.
While receivers usually focus on recovering creditors debt – in this instance of NAB – liquidators are appointed to wind up an insolvent company, sell off all its assets, and distribute the proceeds fairly among all creditors.
Stax has amassed a following for its fashion-forward and inclusive pieces that operates online and two…