Following a recent and rather unexpected upsurge in media presence pertaining to rumors about Karmaloop’s future, founder and CEO Greg Selkoe has taken to social media to set the record straight. After reportedly saddling a heavy debt and having filed for Chapter 11 bankruptcy on Monday with figures as high as $100 million mentioned, it would seem that the future of this once prominent streetwear supplier has become increasingly unclear.
Amongst all the uncertainty, Greg Selkoe did issue the following statement in a recent interview with Four Pins: “Karmaloop isn’t going anywhere.” He also dismissed allegations of Kanye West and Damon Dash buying out the company. Selkoe is positive that Karmaloop will turn its fortunes around and is relying on a 15-year standpoint in the world of e-commerce to ring true with disgruntled customers. Head on over to Four Pins to read the full interview and let us know if you think Karmaloop can pull through.