Despite several reports confirming Kanye West and Dame Dash’s buyout of Karmaloop, sources indicate that the two have yet to formally proceed with the purchase. Following news of Karmaloop declaring bankruptcy due to a lack of willing investors, an auction has been planned for mid-May in which potential buyers will bid on the sale price with the minimum offer starting at $13 million USD. Although West and Dash have publicly confirmed the purchase through Instagram, the liquidation process of Karmaloop seems to be far from over. Controversial CEO Greg Selkoe announces that he plans to return as the company’s CEO following the auction; however, it remains to be seen who will end up buying Karmaloop and for what price. Stay tuned for further news on the matter and head over to HYPETRAK for more music news.