Collapsed Aussie activewear brand Stax has more than $1.7 million in outstanding orders owed to thousands of customers, along with thousands owed to employees and other creditors. The embattled brand’s financial affairs have been laid bare in a new liquidators’ report to creditors.
After being placed into receivership in June, Stax entered voluntary liquidation on July 10 and appointed Michael Hird and Brian Silvia of Cascap Advisory as joint liquidators. Preliminary inquiries now reveal that Stax had some 12,927 customer orders totalling $1,713,986 outstanding when receivers were brought in.
That includes 11,182 unfulfilled orders totalling $1,405,723, and a further 1,745 partially completed orders with…