Dame Dash, Kanye West Yet To Acquire Karmaloop; Auction Set

Karmaloop

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.

Following the company’s bankruptcy filing in March, an auction has been set for mid-May with a first bid set at $13 million, reports Biz Journals.

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.”

Stay tuned…

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