"Karmaloop founder can’t escape $5 million debt" by Shirley Leung Globe Columnist March 18, 2016
Greg Selkoe admits he made a mistake.
He shouldn’t have struck that deal with lenders to prop up his high-flying streetwear company Karmaloop. The Boston online retailer ended up owing more than $29 million, and Selkoe himself agreed to personally guarantee up to $5 million of it.
Now, a year after Karmaloop filed for bankruptcy protection, Selkoe continues to be haunted by that decision even as he tries to help launch another fashion venture, Curateurs.com.
“If I had two pennies, they would come after me even if it meant taking food out of my kids’ mouths,” said Selkoe.
Selkoe was never one to hold back. That’s what got him in trouble with the late Boston Mayor Tom Menino. The entrepreneur started mouthing off about how Boston was too buttoned-up and blamed in part hizzoner.
Selkoe catches himself. He realizes he sounds like he’s crying poor. It’s not that way. He’s got a good life....
Yes, he doesn't want “people to feel bad for [him and] it’s a matter of what’s fair.”
Anyone ever tell him life isn't fair?
Related: Bad Karmaloop
That's all I'm going in these days.
Also see: Calif. apparel firm buys Karmaloop