Dame Dash Buys KarmaLoop for $7 Million Dollars

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The Emperor

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Wow I had no idea that Dame still had that kind of money.
I thought he was broke but he said he was about to take over Karma Loop
and he put his money where his mouth is (Karma Loop Is Sold!)
http://www.highsnobiety.com/2015/05/22/karmaloop-sold/


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fact

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Doomsday

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13 million to escape is not bad on the sellers in.

Also interesting info because the coli told me Dame couldn't afford 7 million and had no idea what he was talking about concerning money, even though money guru's with PHD's like Boyce Watkins cosigned everything he said.
 
Zach Lowe

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In the end, Kanye West didn’t swoop in to buy online retailer Karmaloop Inc., and founder Greg Selkoe is on his way out as the bankrupt company’s chief executive.

A federal bankruptcy court judge Thursday approved the $13 million sale of the Boston-based online streetwear retailer to a group of senior lenders. The sale marks the end of Selkoe’s leadership at Karmaloop, a company he founded in the basement of his parents’ Jamaica Plain home in 1999.

As recently as this spring, Selkoe said he would keep his job as chief executive of the company and hinted that West was in talks to buy Karmaloop.

But the new owners, Comvest Capital of West Palm Beach, Fla., and Chicago-based CapX Partners, were the only group to submit an offer to buy Karmaloop in a bankruptcy auction process. The firms plan to replace Selkoe and install new management at Karmaloop in the coming weeks, according to Robert O’Sullivan, a partner at Comvest Capital.
 
L&HH

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I don't see why you'd buy karma loop for $13 million couldn't you just start all over with a new brand for much less. The name karma loop doesn't gave much brand value, last I checked they had a bunch of upset customers with unfifilled orders. Then all the recent news on it has been negative. Their client list, contacts, and email are about the only things of value left. Probably could have just bought that for a couple hundred thousand. Radio shacks name and client list was recently sold for $25 million.
 
pez

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Karmaloop is an online retailer. That doesn't help distribution. Their infrastructure sucks so they bleed money. Better to not buy that. If it was something like Zoomiez that has actual stores in malls, it might make sense then Kanye would instantly have distribution in malls across America.

West has the power to bring business any online retailer with his name. Karmaloop wouldn't help West, it would be West helping Karmaloop.
 
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Harry B

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MrMime said:
13 million to escape is not bad on the sellers in.

Also interesting info because the coli told me Dame couldn't afford 7 million and had no idea what he was talking about concerning money, even though money guru's with PHD's like Boyce Watkins cosigned everything he said.
Click to expand...
Boyce is also a fiend for attention.

Go to your university and see if you can find people consigning that interview.
 
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