Iconic Australian activewear brand Stax has been saved after the fashion retailer was bought out of receivership. On Monday, it was announced the business was bought out by an Australian investor group led by Justin Truong and Sandy Li-Truong – who are entrepreneurs behind e-commerce marketplace Pushas.Under the deal, the investor group acquired the brand’s trademarks, design intellectual property, Nandex fabric technology and digital assets.Mr Truong has been named as the new chairperson and will install a new chief executive for the day-to-day operations of the business. Activewear brand Stax collapsed in June and entered voluntary administration on July 10, with Brian Silvia and Michael Hird of Cascap Advisory as joint liquidators.Documents released in late July revealed Stax’s precarious financial position has been revealed with the retailer owing more than $6.7m to staff, creditors and the Australian Taxation Office.According to the filings, the brand collapsed owing $1,713,986 to 12,927 customers, made up of 11,182 unfulfilled orders owing a total of $1,405,723 and 1745 partially incomplete orders worth $308,263. In July it was announced these orders would not filled.Alternative solutions will be provided to some of these shoppers. “We have enormous respect for the community the founders built over the past decade,” Mr Truong said.“Although legal responsibility for orders placed with the previous entity did not transfer to the new ownership, we recognise the impact on affected customers and are actively exploring meaningful ways to support them as the brand relaunches.”More to come