MUMBAI: Former Jay-Z manager and entrepreneur Damon Dash announced through his Instagram account that he and Kanye West have saved online streetwear retailer Karmaloop from bankruptcy by officially purchasing it.

His Instagram post stated, "Board meeting had to go over some @damondashstudios biz, showed him @loisaidas and @toohonorable_ddstudios, got the thumbs up and yeah the Karmaloop thing is real. This is exactly how I saw things 10 years ago and he is doing some shit that even I could not do but it is not my place to speak on it…but let us just say I am proud as f***…that is the way it is supposed to be…the younger dudes are supposed to be better than us…that is what we fight for #honaorablepeoplesticktogether." Another post stated, "…we decided to go buy Karmaloop. We just talked about it so it is gonna happen and a couple other cool things."

Board meeting had to go over some @damondashstudios biz showed him @loisaidas and @toohonorable_ddstudios got the thumbs up and yeah the Karmaloop thing is real...this is exactly how I saw things 10 years ago and he's doing some shit that even I couldn't do but it's not my place to speak on it...but let's just say iam proud as fuck...that's the way it's supposed to be...the younger dudes are supposed to be better then us...that's what we fight for #honaorablepeoplesticktogether stay tuned of course @raquelmhorn there taking historic cool pictures

A photo posted by @duskopoppington on Mar 26, 2015 at 2:41pm PDT

There were buyers interested in purchasing Karmaloop even though it was about to secure a $3 million investment from Comvest Partners and CapX Partners for a company restructure, said Karmaloop CEO Greg Selkoe. "A lot of people have expressed interest in partnering with Karmaloop. I have tons of respect for Damon and Kanye and for what they've done professionally, and we're keeping lines of communication open with a number of interested parties," he continued.

However, before that, reports were making rounds online that Karmaloop may be filing for bankruptcy. As of Monday (23 March), those rumours were confirmed as the company filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code, joining Delia's Inc. and Wet Seal Inc. as yet another casualty in a growing trend of youth retailers filing for bankruptcy.

Dash and West recently collaborated with each other on a film called 'Loisaidas' which released last month. They join other music artists such as Jay-Z, P-Diddy, Gwen Stefani and Justin Timberlake, who have successfully launched their own clothing apparel line.