The once renowned retailer and the original home to many of the most famous streetwear brands, Karmaloop may soon have to shut its doors. According to the New York Post, Karmaloop has been doing everything it can to avoid filing for bankruptcy. Sources to the New York post state that Karmaloop’s inability to pay off their debt and poor decisions making in creating “side ventures” has crippled the retailer.
Greg Selkoe , the companies founder has been in talks with several investors to pay off a large part of the companies debt. In an interesting events, Hypebeast is reporting that on Monday Kanye West and Damon Dash revealed that they are in the running to buy the struggling e-tailer. So far in the beginning of 2015 undoubtedly belongs to Kanye West. The dude is one of the most talked about celebrities, and has recently had his partnered line with Adidas picked up by major retailers like Barney’s. Yeezy season is upon us, and hopefully for Karmaloop his success continues.
Here’s the interview where Damon Dash reveals plans to buy Karmaloop with Kanye West.