Stax Activewear Retailer Collapses, Owed $7.3m by National Australia Bank
What happened
Stax, a Perth-founded activewear retailer, entered receivership after collapsing in June. The company owed staff, suppliers, and the tax office $6.7 million. New managers announced that customers with unfilled orders would receive credits, totaling $1.7 million.
From perthnow.com.au
Why it matters
The failure of Stax represents a significant financial loss for creditors, including National Australia Bank, which was owed $7.3 million by the retailer. The collapse also impacts the local economy of Western Australia and affects the transaction volume of third-party platforms.
From perthnow.com.au
Who's involved
- National Australia BankFinancial institution that was owed $7.3 million by Stax.
- Megan FoxWore Stax activewear.
- Jennifer LopezWore Stax activewear.
- Hailey BieberWore Stax activewear.
Keep exploring
The entities involved
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Megan Fox
American actress and model (born 1986)
Nothing else this week.
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Jennifer Lopez
American singer and actress (born 1969)
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Hailey Bieber
American model and television personality
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National Australia Bank
financial institution in Australia