If you’re into urban streetwear then you’ve probably heard of Karmaloop. The former No. 134 ranked Internet Retailer of 2014 featured in the Top 500 Guide was a force in the eCommerce space. Founder and Former CEO Greg Selkoe, started Karmaloop out of his parents basement in 1999.
Selkoe was described by former employees as an ambitious guy who made working in fashion pretty damn fun. Aside from relaxed dress code and popular music playing throughout the office, reports have been made by former employees describing obscene alcohol and drug use. Some described Selkoe and very temperamental.
After these reports surfaced it was no surprise for industry brands to see the fall of Greg Selkoe, and possibly Karmaloop. As a result Karmaloop became the highest profile e-commerce site to file for Chapter 11 bankruptcy, beating out SkyMall (No. 247) and Wet Seal Inc. (No. 416) for the dubious honor.
Greg Selkoe In 2010, Selkoe signed on to be a blogger with popular news site, The Huffington Post, Selkoe received the Ernst & Young Entrepreneur Of The Year 2012 Award in the e-commerce category in New England.
In 2016 Karmaloop has been headed by new CEO Seth Haber, who is the former co-owner and director of the Agenda Trade Shows. Karmaloop has a lot of relationships to repair. First with the brands, then with the customers, but with the right guidance Karmaloop could rise once more. Only time will tell.
You can read the full article over on complex.com