It was announced this week that the 15-year-old Karmloop would be restructuring after filing for Chapter 11 bankruptcy due to debt. In response to rumors of West and Dash's interest, Selkoe confirmed on Tuesday that the three were "talking" and on Thursday tweeted that it was "good speaking" with West. Following concern that he would be leaving the company he told one fan on Twitter that "I am here to stay no matter who we join forces [with]."
While the Boston-based company's core business of online retail remains strong, it accumulated a "bunch of debt" from the launching of recent business startups, Selkoe told the Gearbottle website. "Debt from companies I started with the support of my team, with the support of the investors," he said. "Some additional e-commerce sites that I think probably would've done well, but it was just too much going on at a time, we burned too much on them. So this restructuring deal will help us rid that debt and emerge from this."
Selkoe previously teamed with Pharrell Williams on his Karmaloop TV network.
Details of Dash and West's plan to buy Karmaloop have yet to be revealed, nor is there an official deal in place. Selkoe reiterated to the Boston Business Journal on Friday that "Kanye and Dame are among several people we've spoken with about Karmaloop. We're having a lot of conversations and seeing intense interest in our brand."
Watch West and Dash's Insta videos regarding their intentions: