Numerous media outlets are reporting that online retailer Karmaloop, which filed for Chapter 11 bankruptcy earlier this week, has been bailed out by Kanye West and Dame Dash. Reports are based on a series of Instagram videos posted by Dash last night where he said "We decided to go buy Karmaloop." However, a recent statement from Karmaloop shows that Dash may have been too hasty in sharing the news. 

Karmaloop told Four Pins"As we confirmed earlier this week, 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." So, while 'Ye and Dash may be in the running to purchase the site, it seems that nothing has been finalized yet. 

According to Dash's Instagram posts, he already had big plans for the site, though. He tagged numerous high-fashion companies, hinting that him and Kanye would elevate Karmaloop into a destination for higher-end products.

Four Pins has also been tipped off by an anonymous source, whose brand is stocked by Karmaloop, that CEO Greg Selkoe has promised to fulfill payments for any orders made after March 23 at 4:04 p.m. However, any order made before that time is considered past due and will have to go through a legal process to receive payment. 

We'll update as soon as we know more. 

Image via Four Pins
Image via Four Pins

[via Four Pins]

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