Karmaloop exploded and collapsed like a fucking brown dwarf star. After telling us that Karmaloop wasn't going anywhere, Greg Selkoe's streetwear site was eventually acquired by a Chicago-based company CapX—which Karmaloop owed $30 million to anyway—for an undisclosed amount. Now that there seems to be some freed up the space on his shoulders, the Boston Business Journal reports that Selkoe has plans to hop right back into the e-commerce saddle.
Apparently, Selkoe, who's hobnobbing with venture capitalists in San Francisco as we speak, is working on two new ventures, at least one of which is an e-commerce site that already has $1 million in funding and the likes of Nick Wooster on board, but in what capacity is not yet clear. Remember those three months when Nick's name was attached to Atrium? Perhaps he's still itching to get back into the retail world. Selkoe's new site has plans to be up and running soon, possibly by October, and "transacting by the holidays." Word is that the new site won't be a competitor to Karmaloop because why would you re-open old, salty wounds, ya know? But if there's one thing we can learn here, it's that the best way to succeed is to just keep failing upwards until you're rich.