Australian activewear brand Stax is trying again after collapsing earlier this year with almost $24 million in liabilities. New owners are offering up to $1.7 million in store credits to customers who never received their orders.
Stax went into receivership in June and liquidation in July. A private investor group led by Justin Truong and Sandy Li-Truong bought its assets in August, including the brand’s intellectual property but not its debts.
About 13,000 customers with unfulfilled orders were contacted, and around 9,500 have confirmed their details. The credits cover the full value of eligible orders, less any refunds or chargebacks. Customers have until 31 December to confirm and until 30 June 2027 to redeem.
People who paid through third-party providers, including buy now, pay later services, are excluded and are being pointed to those providers’ dispute processes.
New CEO Anna Cheng says the first collection under the new owners launches on 6 November, online only at first, with a third-party logistics partner targeting dispatch in 24 to 48 hours.
What it means for your money
If you were left out of pocket, confirm your order details before the 31 December deadline. If you paid through buy now, pay later or a card, raising a dispute with that provider may be your route to a refund.
Source: SmartCompany