Karmaloop the popular online street wear retailer that has been suffering over the past couple of months has a new found savior. Kanye West & Dame Dash.
The online clothing retailer has recently declared Chapter 11 bankruptcy also known as rehabilitation bankruptcy in an effort to reorganize the business. However being $40 million in debt is no easy task to climb out from.
The dynamic duo who has stepped up to the plate to buy KarmaLoop outright is rapper/singer-songwriter turned fashion designer Kanye West & entrepreneur & former partner at Roc-a-Fella Records Dame Dash. Official announcement of the purchase was displayed through a series of videos on Instagram.
The main takeaways from the video blurbs being
Honorable people stick together (Shots at Jay Z)
We decided to go & buy KarmaLoop. We just talked about it so its going to happen.
As of yet there is no figures released regarding the price of the acquisition however makes sense on Kanye West part as his recent dive into the world of fashion & streetwear. KarmaLoop will prove a challenge to see if the two can save it from its current position & pave a new direction for the online retailer. It’s an interesting purchase & moreover an interesting pair behind it all. Dame famously known for signing Kanye to Roc-a-Fella records back in 2000 only to have a falling out upon the split between Jay Z & Kanye & Dame Dash. Only patching things up recently between the two & I’m sure only the start of their collaboration projects. Lastly Greg Selko founder & CEO of Karmaloop has announced that he will be staying on the team to help with the new acquisition. Tweeting from his personal account several hours ago
“Have faith it will all be okay in the end. If its not okay yet, than it’s not the end!” John Lennon
— greg (@Selkoe) March 27, 2015