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 boutique stores in Sydney and Liverpool.Last month in a desperate bid to keep the business alive, the founders sold off retail stores and luxury vehicles including a Lamborghini and a Porsche. Founded in 2015 and officially registered in Western Australia in October 2017, Stax grew from a grassroots label into a competitor to international heavyweights like Lululemon, Nike, and Adidas.During its peak, the business had a turnover of more than $30m a year and employed 160 staffers. Grim warning for shoppersIn a statement on the company’s website, Stax confirmed some customers may not receive their items and the business is not in a position to honour gift cards or credit notes. On June 24 receivers took over the business in an urgent assessment of the businesses and its operations to determine the best way forward.The receivers were actively working with key suppliers, logistics providers and other stakeholders to explore whether trading will continue. But for customers who thought they could be snagging a bargain through a ‘pre-sale’ are on or prior to June 24 are being urged it will be stock dependent whether or not they receive their purchase. “These products were not held in stock by Stax at the time of purchase as they were expected to be sourced from overseas suppliers and shipped to Australia upon arrival,” the company said. “The ability to fulfil these orders depends on the co-operation of several parties within the supply chain, including clothing suppliers, freight forwarders, and the third-party logistics (3PL) provider.”For all other orders placed before 24 June 2026 that have not yet been received, fulfilment is similarly dependent on reaching a resolution with the 3PL provider, who is also owed money by the Stax group.At the same time shoppers are being told that the business cannot provide returns or exchange at this time.Gift cards and credit notes will also not be honoured. “We recognise how disappointing this will be for affected customers and we are sorry for the impact this has. Should this position change, we will provide updates promptly,” the company said. More to come