Let me start off by saying, when/if Karmaloop Inc. pops up from the dead like The Undertaker I hope this post doesn’t ruin any future business relationships with them.
So the other day I crossed paths with yet another Dame Dash interview and instead of just ignoring it like I wanted to I watched the entire thing and after responding to his breakfast club interview criticism somewhere towards the end he just blurts out that him and Kanye are buying Karmaloop.
I’m a smart dude, I understood this was Dame Dash we were talking about so I took his statement with a grain of salt then did some research. During my studies I find out Karmaloop is broke. The filing for bankruptcy type of broke.
Now news that Karmaloop is broke is way more hilarious to me than shocking because I kind of already knew.. I already had a hunch..kind of.
I’m from the Boston area. I’m a media personality and a lifestyle/music journalist so with that being said I reached out to Karmaloop about joining their media side and Karmaloop TV a few times. The last time I reached out they got back to me about meeting with them. A few weeks ago I went to the office for the meeting with a couple representatives. During that meeting I got a few weird vibes. The energy level in the whole office was off. There were a couple times when I felt like the reps didn’t know much about what was going on. Three things made me feel that way:
- At the time their only open positions were unpaid internships, which they stuttered and stumbled around when breaking it down.
- I asked something like: “How often do internships turn into full-time positions?” and one of the reps replied: “Well, there’s a lot going on the background..a lot of corporate things going on that we don’t know about… A lot of people just got laid off… But (insert name of another rep that was there) started off as intern and she’s a full time employee now.”
- Before I left I asked a marketing intern: “What do you do as a marketing intern?” She told me: “I just delete the negative comments off the Instagram.”
Also.. A lot of people have been complaining about not receiving packages or not getting paid for events/services too so it all makes sense… A lot of people complaining about the poor business skills of the compayny… The handful of lay offs.. Not to mention Karmaloop’s failed endeavors like the MissKL fashion line or Karmaloop flagship store.
It’s just very confusing and crazy (but still hilarious) how one of the biggest online streetwear retailers could struggle financially.
Greg Selkoe told Four Pins his plans for the future of the company (which don’t include Dame Dash and Kanye or anyone else).
But the internet violently poked holes in Selkoe’s plan. A StopSelkoe.org website even emerged and calls the Karmaloop CEO a fraud and liar and has KL’s bankruptcy documents posted on the site.
Hopefully Karmaloop finds a way to pull through and shine again but if it doesn’t..it was a cool, swift journey that came to a sad, hysterical, bizarre finish.
