Yesterday bidding opened for the online retailer Karmaloop, but the e-commerce site received no offers. After The company filed for Chapter 11 bankruptcy earlier this year due to a debt of over $100 million, rumors swirled as to who would bail out the streetwear retailer. But, according to Boston Globe, no one expressed interest in taking over the company.
After the surprising announcement by Karmaloop in March, Dame Dash and Kanye West were said to be bailing out the once lucrative company, but Karmaloop failed to sell. Although the company is said to have previously tried to broker deals with over 150 potential buyers, with no bids the online retailer may fall into the hands of Comvest Capital, which will either continue the site or liquidate the business.