Industry: E-Commerce, Retail
Challenge: After several years of rapid growth, Karmaloop was faced with the challenges of the ever dynamic retail clothing and e-commerce market. The fallout of unsuccessful ventures and its associated debt, combined with the competition from low cost behemoths like Amazon, put Karmaloop on the defensive.
Solution: CRS was originally hired as Interim Chief Financial Officer and, subsequently, as Chief Restructuring Officer and Financial Advisors to navigate Karmaloop through a Chapter 11 restructuring and sale.
Results: Managed substantially all of the company’s operations and guided it through a successful sale under §363 of the Bankruptcy Code.