SRTX Inc., the Canadian company behind the resilient Sheertex pantyhose brand, has secured a buyer in A.Y.K. International Inc., a Quebec-based hosiery firm, after months of financial turmoil and a strategic review. The acquisition aims to preserve the Sheertex brand and its proprietary technologies, with the deal set to proceed under Canada's Bankruptcy and Insolvency Act.
Financial Struggles and Strategic Shift
SRTX's difficulties became public a year ago when the company placed 40 percent of its workforce, then numbering 350 employees and contractors, on temporary leave. The firm cited impending U.S. tariffs and the removal of an exemption for duty-free shipping of low-value packages to U.S. customers as key factors behind its financial woes. These challenges prompted a strategic review, culminating in the acquisition announcement.
Details of the Acquisition
A.Y.K. International, which owns the Secret and Silks pantyhose brands and also manufactures socks, gloves, hats, and bags, made the offer without disclosing the purchase price. In a statement, Dan Abitan, CEO of A.Y.K., expressed admiration for Sheertex, highlighting its innovation and customer commitment. The transaction is designed to maintain the Sheertex brand integrity while leveraging A.Y.K.'s resources to stabilize operations.
Background and Investor Support
Founded in 2017 by Katherine Homuth with backing from Y Combinator, SRTX attracted investors such as Sweden's Hennes & Mauritz AB, Investissement Quebec, and the Canadian government's export development agency. Homuth left the company in March 2025 after it accepted US$40 million in fresh capital, and she later submitted a proposal to regain control, though the acquisition by A.Y.K. has now taken precedence.
The deal underscores the volatile landscape for apparel businesses facing international trade pressures, while offering a potential turnaround path for the troubled Sheertex owner through consolidation with an established industry player.
