Australian activewear brand Stax has been placed into receivership, with FTI Consulting’s Joseph Hansell appointed as receiver. The company will continue trading while options for sale or restructuring are assessed.
Valued at $52 million in 2022, Stax was generating annual revenue of $30 million and employed over 50 staff at its peak.
Rise and Fall
Founded in 2015 by Don Robertson and Matilda Murray, Stax originally operated as a supplement business under the name Muscle Stax. After that venture was seized by liquidators, the brand pivoted to activewear — a move that would eventually attract celebrity endorsements from Jennifer Lopez, Lizzo, and Megan Fox.
At its height, Stax positioned itself as a luxury, size-inclusive label (sizes XXS to 4XL), operating at least eight retail stores. The brand now runs just two — in Sydney’s CBD and Liverpool — after closing six stores in 2025 amid rising interest rates.
Industry Headwinds
The activewear market, which boomed during pandemic-era casualisation trends, has become heavily oversaturated. Higher interest rates and inflation have simultaneously reduced consumer demand and pushed up operating costs, creating a challenging environment for retailers.
What’s Next
Receivers are currently evaluating all options, including a potential sale of the business. In the meantime, Stax says it will continue to operate online and through its remaining two stores.