Bankruptcy petitions are filed by consumers and businesses for a number of financial reasons. Most of the time, bankruptcy is filed when debts are far too much for Iowa businesses or consumers to repay. Recently, it was reported that Karmaloop could be filing bankruptcy, and Dame Dash and Kanye West are reportedly interested in purchasing the company.
Karmaloop is a company that specializes in online sales for street wear and has had success throughout the years. According to recent reports, the company may be headed for bankruptcy, despite its attempts to avoid a filing. In an effort to save the company, the chief executive has approached a number of investors to attempt to work out the company's debt. If it unable to secure an investor, Karmaloop will be left holding the bag for $100 million in write downs.