Earlier this week Damon Dash and an awkward Kanye West announced that they would be purchasing online streetwear retailer, Karmaloop. Unfortunately they (see: Dame) spoke too soon because according to KarmaLoop CEO Greg Selkoe, it’s not happening!
Selkoe says rumors that the company is $100 million in debt and has filed for bankruptcy is untrue. According to Four Pins, Selkoe says Karmaloop isn’t going anywhere and the rumors of Kanye and Dash buying the company aren’t true either. Good news for Kanye, who probably would have ended up footing most of the bill anyway.
If you’re concerned about Karmaloop, Selkoe assures there hasn’t been any lay offs since last year. He says that they are in debt, and that Karmaloop has been looking for investors, unfortunately investors aren’t keen on the idea of putting money down to pay off debt. Karmaloop vows that the company will be stronger and better than ever once the reconstruction is complete. As for Dame and Kanye, maybe they were buying a different Karmaloop.
