The theme no longer uses the old Theme Panel method and everything has moved to the Customizer if you wish to migrate the settings over you will need to do the next step, if you rather go in and re-add your settings (sometimes it’s easier) then skip the next step.
Migrate your Options: Only recommended if you made tons of tweaks in the theme panel or you don’t want to go into the WordPress Customizer to re-setup the site after migration (although that would be best). So go over and download and active the Total Redux-Customizer migration plugin – http://total.wpexplorer.com/docs/extensions/ – then refresh the site to make sure the settings are migrated. If it didn’t work the first time refresh again (you must be logged in refreshing the live site). Once it’s migrated delete the plugin. Important: This can only import some options but not all of them.