March Haul: Ebay, Threadsence, Dailylook, PLNDR, Lulu*s, Choies, Lovely Wholesale
Is Karmaloop, Online Streetwear Warehouse, Going Bankrupt?
Is Karmaloop, Online Streetwear Warehouse, Going Bankrupt?
Karmaloop is one of the largest online retailers of streetwear, but in recent days it’s come to light that the site is in somewhat dire straights financially. After Karmaloop’s owner Greg Selkoe shuttered other sites like Boylston Trading Co. and a women’s label called missKL, it was reported that they were in talks with investors to bail the company out of its immense debt, which includes $8 million to Insight Venture Partners of New York and nearly $1 million to Google according to the
. And in recent weeks, customers have taken to social media to complain that Karmaloop has failed to ship orders, . And in recent weeks Plndr
reports as debt obligations getting in the way of actual operations. Yesterday music mogul
claimed he and Kanye were going to buy the site, which may be easier now that the company is hurting.
Selkoe himself has since replied to almost all of these claims and dispelled Dash’s claims, Selkoe himself has since replied to almost all of these claims and dispelled Dash’s claims Plndr
that while the business is in limbo, the site isn’t going anywhere. Specifically, " he says. "So we’re going to push the brand back towards its roots of being more premium Plndr , which Selkoe admits is something like "bankruptcy light." He says they are "restructuring." "We’ve been so promotional [with coupons and discount codes] because when you’re cash poor and need cash quickly, you have to liquidate stuff," he says. "So we’re going to push the brand back towards its roots of being more premium, doing less discounting on the main site and to really differentiate between PLNDR and Karmaloop. But the fact is we’re not going anywhere. We’re going to honor our commitments and the company is going to be better and stronger." That all sounds nice, but of course it’s no guarantee of success in the future. Our personal opinion is that it’s no surprise that more people aren’t lining up to buy clothes that look like
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