Jay-Z's Rocawear brand cuts staff, struggles for mogul's support
While Jay-Z is on cloud nine with daughter Blue Ivy Carter, his former pride and joy, Rocawear, seems to be on the verge of chapter 11.
From Huffington Post: While Jay-Z is on cloud nine with daughter Blue Ivy Carter, his former pride and joy, Rocawear, seems to be on the verge of chapter 11.
According to the New York Post, the hip-hop clothing brand, which Jay-Z founded in 1999 with producer Damon Dash, laid off half the staff of its men’s and boys apparel division on January 6, one day before Jay-Z’s wife, Beyonce Knowles, gave birth to the couple’s baby girl.
The company cited “economic reasons” for the layoffs in documents filed with the New York State Department of Labor, the Post reports.
Jay-Z sold the Rocawear brand in 2007 for $204 million in cash to Iconix Group, a licensing company that also owns brands such as Candie’s, Ed Hardy and Signature Apparel Group LLC, owned by “Real Housewife of New Jersey” Jacqueline Laurita.
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