Weighed down by millions in debt and by poor business ventures, the Boston streetwear company Karmaloop Inc. filed for Chapter 11 bankruptcy Monday.
Meanwhile, rapper Kanye West and hip-hop entrepreneur Dame Dash expressed interest in buying a majority stake of the 15-year-old company, said Greg Selkoe, founder and chief executive of Karmaloop. “I hope people understand that Karmaloop is not going anywhere,” Selkoe said. “We had a business that was being held back by the debt and it didn’t seem that we had any other solutions.”
Selkoe, who earned a master’s degree in public policy from Harvard’s Kennedy School of Government, founded Karmaloop from the basement of his parents’ Jamaica Plain home in 2000. Karmaloop.com became known as a go-to online boutique for urban streetwear, primarily for men ages 18 to 35.