Stax acquired by Pushas founders in rescue deal

Streetwear entrepreneurs Justin Truong and Sandy Li-Truong, owners of the online marketplace Pushas, have led a private investor group to acquire the Australian activewear brand Stax in a rescue deal.

Stax collapsed in June after its lender, NAB, appointed receivers to recover $6.7 million in debts owed to creditors, employees, and the tax office. The new majority owners aim to rebuild the brand's foundations and regain the trust of its community, stating, “This is a fresh start for Stax.”

The acquisition comes as the brand attempts to relaunch following a period where its website was inactive. While the specifics of the financial deal were not disclosed, the Truongs bring experience from running Pushas, a global sneaker and streetwear reseller with annual turnover exceeding $10 million.