Karmaloop nearly had to close shop due to a debt of over US$40 million. But the online retailer might see better days thanks to an acquisition by Kanye West and Damon Dash.
Struggling online retailer Karmaloop, which filed for bankruptcy following a debt of over US$40 million due to failed side ventures, has just been saved by Kanye West and Damon Dash, the latter an entrepreneur and former manager of Jay-Z. Dash took to Instagram to post a three-part video announcing the acquisition, with West standing right next to him.
“You know, honorable people stick together, so this is how the generations do. Now you super famous (pointing to West) and we linking up and we decided to go buy Karmaloop. We just talked about it, so it’s gonna happen, and a couple other cool things,” said Dash.
Greg Selkoe, founder of Karmaloop, confirmed the acquisition on Twitter and added that he plans to remain a part of the business and contribute to its future:
Good speaking today @kanyewest say what up to Don for me!
— greg (@Selkoe) March 26, 2015
“@_Kxmp: @Selkoe dont get rid of the loop man plz hold on to it so i can work” course not I am here to stay no matter who we join forces w
— greg (@Selkoe) March 27, 2015
Now that there’s a light at the end of the tunnel for Karmaloop, could the West and Dash connection signify a new era and direction for the online retailer? We’ll be keeping tabs for sure.
Source: High Snobiety