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Another generic clothing
Another generic clothing retailer with "independent designer" products made in China goes under?
Does anyone care at this point or believe that a 'brand' which doesn't make anything in house is worth anything?
Hardly Another "Anonymous" Retailer
Karmaloop is (was?) one of Boston's great eCommerce success stories; it grew from humble roots in founder Selkoe's mother's basement to its current iteration in the Shreve, Crump, & Low Building (tra-la-la all you old Bostonians!). As a proud member of the oft-maligned and dismissed "Millenial Generation," I am glad and grateful to live in a city that's driven in a large part by the start-up community. Now I understand that web-based businesses and start-ups aren't the PRIME topic of this blog, but let's not allow ignorance of the facts to affect the assessment of this issue. Are there TONS of eCommerce companies in Boston? Yup. Are they all multi-MULTI-million-dollar-companies? No, but there are SEVERAL (Wayfair, Rue La La, Shoebuy, CustomMade, Gemvara Ministry of Supply). It's a vibrant part of this city's economic ecosystem, and it's a shame to see one of the eCommerce "original gangsta's" having so much trouble. Sadly, it looks like their financial woes come from expanding too fast and diluting the brand...
http://www.betaboston.com/innovation-economy/2014/02/28/karmaloop-ceo-gr...
http://bostinno.streetwise.co/2015/03/23/karmaloop-problems-karmaloop-ma...
In a large amount how?
Not rooting for a local business to fail, but I don't see the start-up community as largely driving the city. It's important, yes and should be fostered but lets not pretend this isn't a highly diversified economy around here between medical, tech, insurance, finance, etc...
As for 'China made', pretty much all non-niche clothes are made offshore from the stuff you'd find in Bloomingdales to Old Navy.
I wouldn't call bankruptcy a
I wouldn't call bankruptcy a "success story".
You can be very successful and file for bankruptcy.....
Nt
AKA Donald Trump
See also "Pets or Meat" for details on how the rich are successfully bankrupt without having to give up a lavish lifestyle.
"Karmaloop’s bankruptcy
"Karmaloop’s bankruptcy filing listed its debt at $100 million to $500 million, but Selkoe told the Herald the company’s liabilities total $40 million."
Is it bad Karma to give one figure to the Herald and another to the Bankruptcy court?
assets count too
You have to add those to the debt to get the net amount.
Stick to your day job.
No layoffs are planned
No layoffs are planned because 90% of staff have already been laid off and there's really no one left at this point anyway.