Pushas Founders Acquire Defunct Activewear Brand Stax in Rescue Deal
Australian activewear brand Stax has been acquired by the founders of sneaker marketplace Pushas following a June collapse. The new owners plan to relaunch the label as an independent entity with a new management team.
Key takeaways
- Founders of the sneaker marketplace Pushas have acquired Stax in a private investor deal.
- The acquisition includes all intellectual property and digital assets following a $6.7 million debt failure.
- Stax will operate as an independent entity under a new chief executive and board chairman Justin Truong.
What Happened
Justin Truong and Sandy Li-Truong, founders of the streetwear marketplace Pushas, have led a private investor group to acquire the Australian activewear label Stax. The acquisition follows the brand's collapse in June 2026, which occurred after its lender, NAB, appointed receivers to address debts totaling $6.7 million owed to employees, creditors, and the Australian Taxation Office. The deal, completed for an undisclosed sum, includes the purchase of Stax's trademarks, intellectual property, and digital assets.
Background
Stax established its market presence through form-fitting activewear featuring minimal branding, competing directly with established labels such as Lululemon, LSKD, and White Fox. The brand's digital presence has been dormant for approximately six weeks, with its website limited to a customer notice indicating the sale is closed. The new owners bring experience from Pushas, a sneaker and collectibles reseller that reports an annual turnover exceeding $10 million and maintains operations across Australia, New Zealand, North America, and Canada.
Key Facts
- The acquisition makes Justin Truong and Sandy Li-Truong the new majority owners of Stax.
- Stax entered receivership in late June 2026 with $6.7 million in outstanding debts.
- The acquisition group includes the Truongs and several family offices.
- Acquired assets encompass all Stax trademarks, intellectual property, and digital infrastructure.
- Pushas, the owners' primary business, is backed by investors including Twitch co-founder Justin Kan and Airtasker founder Tim Fung.
What Happens Next
The new owners intend to operate Stax as an independent business separate from their existing marketplace, Pushas. Justin Truong will serve as chairman of the board rather than managing day-to-day operations. The ownership group is finalizing the appointment of a new chief executive who will be responsible for recruiting a team to restart the brand. While the specific relaunch date for the digital storefront remains unconfirmed, the new management plans to retain some members of the original Stax staff to maintain operational continuity.
Sources reviewed
Project Chintan independently synthesized and analyzed information cross-checked across the sources listed above.
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