Stax Insolvency Exposes $6.7M in Outstanding Debts
Synopsis
Fresh documents lodged with the corporate regulator detail the financial fallout from the retailer's collapse, with employees, suppliers and the ATO among those owed money.
Fresh insolvency papers show the outstanding Australian activewear brand, Stax, owes close to $6.7 million, revealing for the first time the extent of the company's collapse and to whom the money is owed. Employees, suppliers, landlords, service providers and the Australian Taxation Office (ATO) are all still owed cash after the brand went under.
The business, owned by a group including a company directed by the founders' close friend Michael Tozer and another by Don Robertson himself, was placed into receivership on June 24 by FTI Consulting as receivers and was then placed into creditors voluntary liquidation on July 10 by CasCap Advisory as liquidator.
Don and Matilda Robertson's activewear business began as a hobby in a spare room in Perth before it morphed into one of the country's most recognisable online activewear brands with the couple listed on the Australian Financial Review's Young Rich List in previous years.
Creditor Claims Come Into Focus
Employees are owed a total of more than $450,000 in wages, leave, superannuation and redundancy payments, according to the latest Stax creditors' report lodged with the Australian Securities and Investments Commission (ASIC). The ATO is owed more than $123,000, with the majority of the debt due to unsecured creditors.
The single biggest claims in the report, the largest from apparel manufacturer Ningbo Mingna Garments which is claiming more than $1.9 million, with Ningbo Mingna also part of a second claim of more than $1 million from supplier Jiaxing Sky Air Sports.
Other creditors include Google Australia, Scentre Group and several logistics and marketing companies.
Rapid Growth Ends in Liquidation
The brand Stax was established in 2015 and formally incorporated in 2017, quickly rising to fame on online platforms, generating sales in excess of $30 million a year at its peak and employing about 160 staff. However, increasing financial pressure took their toll and led the company to go into administration.
The failure also left a swathe of customers, who had placed orders for products on sale at the time of the administration, in limbo. In the weeks since the administration and subsequent liquidation, founders Don and Matilda Robertson issued apologies to the customers and advised them to contact their banks and payment processors for potential refunds.
A recent update to ASIC's Corporate Insolvency Update reveals there were 12,819 external administrations in Australia during the first 11 months of the 2025-26 financial year - a 7.2% increase and one of the largest proportions on record, showing significant stress on the retail industry.
Source: News.au
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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