Australian activewear brand Stylerunner announced it has entered into voluntary administration, according to local media reports.
The online seller of high-end sports apparel, sneakers and supplements appointed has reportedly appointed.
Restructuring Solutions as receiver, while As Advisory has been appointed as administrator, according to the Australian Financial Review.
Andrew McCabe, of Wexted Advisors and Chris MacDonnell of Restructuring Solutions were named receivers and managers of Stylerunner on October 23.
“The receivers are continuing to trade on the business while urgent expressions of interest are sought to sell the business,” McCabe confirmed in a statement to News.com.au.
“Any customer or supplier questions should be addressed to the company staff in the ordinary course of business,” he added.
The Stylerunner website remains in operation with all social media channels still working.
Meanwhile, the company has not made a statement on the recent administration news.
Founded in 2012 by twin sisters, Julie and Sali Stevanja, Stylerunner has been labelled a one-stop-shop for “the world’s most coveted activewear,” according to media reports.
In 2015, Sali left the business for unknown reasons, leaving her sister Julie to fly solo. In 2018, Julie took out 87th place in the AFR Young Rich list with a net worth of $30 million.
Stylerunner last year recorded $50 million in sales annually, or an increase of 1,736 per cent, according to media reports.