Stax’s total liabilities have more than doubled according to a new report by the liquidators at Cascap Advisory, which reveals a collection of secured creditors being owed millions, including a major bank and a fintech lender.
The Australian activewear brand initially fell into receivership in late June after downsizing operations post-COVID. The business then entered liquidation, with the brand’s asset reportedly up for sale.
Earlier reports, including by Ragtrader, indicated that Stax’s total liabilities were around $8 million. The liquidator’s estimated value in the newly released report shows Stax’s total liabilities sit around $23.7 million.
This is more than double what Stax shared in its report on company activities…