Earlier this week word got out that online streetwear distributor Karmaloop filed for Chapter 11 bankruptcy. The bankruptcy filing listed up to $50 million in assets and between $100 million to $500 million in liabilities. On the bright side, Damon Dash has confirmed via Instagram that he and Kanye West will be buying a majority stake in the 15-year-old company. They are among several high-profile buyers that are interested in buying the company. Karmaloop.com will continue to operate.
