Karmaloop, a multi-platform web retailer based out of Boston has filed for bankruptcy. After being weighed down by millions in debt, the popular streetwear company filed Chapter 11 bankruptcy protection on March 23, 2015.

The company was founded by Greg Selkoe in 2000 as a small online retailer in his parents' basement in Jamaica Plain, one of Boston's neighborhoods. Selkoe grew up around break dancing, graffiti art, and fashion, which heavily influenced his decision to create a business around urban style and streetwear.

Selkoe has made it clear that the 15-year-old company is not closing its operations. He said that the business is being held back by debt, and it doesn't seem as if they have any other solutions.

Selkoe's attempts to invest in over a dozen other e-commerce sites were unsuccessful and ultimately weighed down the company. Karmaloop launched several sites, including Monark Box, and the female focused site, Miss KL, which didn't survive.

Selkoe admitted to trying to do too many things, and launching too many different sites in too short of a timeframe.

Bankruptcy Lists Up to $500 Million in Liabilities

In its bankruptcy filing, the company listed between $10 and $50 million in assets, and between $100 and $500 million in liabilities. Among Karmaloop's biggest creditors are Google Inc. and Insight Venture Partners of New York.

Dozens of vendors on Karmaloop's marketplace website have complained that the company is frequently months behind on payments. Last year, Selkoe sent out an email to vendors telling them that cash was tight.

According to Selkoe, several high-profile buyers including Dash have showed an interest in buying the company, and keeping him as the chief executive once the business emerges from bankruptcy.