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Saturday, March 28, 2015
Kanye West and Damon Dash in Talks to Buy Menswear Site Karmaloop
Kanye West and Dame Dash may be coming to the rescue of Karmaloop, the online street wear retailer that recently filed for bankruptcy restructuring. The pair announced their intention to buy the company in a series of Instagram postson Thursday following talks with Karmaloop founder Greg Selkoe.
"We just about to do some new shit, you know, stick together culturally -- take over the world and create a whole new industry and just play the game fair," Dash said in one of the clips. "Honorable people stick together, so this how the generations do. [Inaudible, gestures to West] we linking up and we decided to buy Karmaloop -- we just talked about it, it's gonna happen."
It was announced this week that the 15-year-old Karmloop would be restructuring after filing for Chapter 11 bankruptcy due to debt. In response to rumors of West and Dash's interest, Selkoeconfirmed on Tuesdaythat the three were "talking" and on Thursday tweeted that it was "good speaking" with West. Following concern that he would be leaving the company he told one fan on Twitter that "I am here to stay no matter who we join forces [with]."
While the Boston-based company's core business of online retail remains strong, it accumulated a "bunch of debt" from the launching of recent business startups, Selkoe told the Gearbottle website. "Debt from companies I started with the support of my team, with the support of the investors," he said. "Some additional e-commerce sites that I think probably would've done well, but it was just too much going on at a time, we burned too much on them. So this restructuring deal will help us rid that debt and emerge from this."
Details of Dash and West's plan to buy Karmaloop have yet to be revealed, nor is there an official deal in place. Selkoe reiterated to the Boston Business Journal on Friday that "Kanye and Dame are among several people we've spoken with about Karmaloop. We're having a lot of conversations and seeing intense interest in our brand."