Despite taking to the Internet to confirm their plans to acquire streetwear retailer Karmaloop, Dame Dash and Kanye West have yet to finalize a deal.
Interested parties, which include Kanye and Dame, would have to formally file bids before the deadline, which is May 13.
Karmaloop’s scheduled sale-approval hearing date is May 20, according to court documents. “It’s a vibrant process, and we’re hopeful we’re going to have a significant amount of bidders at the auction,” said Frank Segall, partner at Boston-based law firm Burns & Levinson, Karmaloop’s general counsel.
In its bankruptcy filing, Karmaloop said it had between 10,000 and 25,000 creditors with estimated assets between $10 million and $50 million, and estimated liabilities between $100 million and $500 million.
Despite the situation, Karmaloop founder Greg Selkoe assured the Boston Globe that the company “isn’t going anywhere.”