After much speculation on the future of Karmaloop it is now official…Dame Dash and Kanye West are buying Karmaloop.

Karmaloop was founded by Greg Selkoe in his parents basement in the year 2000. Since then, it has become one of the largest retailers for streetwear. However, many recent failed business ventures such as MissKL and Boulston Trading Co. forced the company to declare Chapter 11 bankruptcy on Monday, March 23.

There had been many rumors circulating on whether Kanye West and former Roc-A-Fella CEO Dame Dash were going to acquire the e-commerce site, but on March 26, 2015 Dame Dash took to his Instagram and made it official: