Hip-Hop Clothing Brand Rocawear Lays Off Large Number Of Staff
Hip-Hop clothing brand Rocawear, which was founded in 1999 by Shawn “Jay-Z” Carter and Damon Dash, has reportedly laid off a large number of staff in the men’s and boys apparel division. Rocawear is headquartered in a massive 40,000-square-foot facility located at 1411 Broadway, and Jay-Z even had an office there in 2009. According to documents filed with the New York State Department of Labor, Rocawear sent 28 members of their staff packing for “economic” reasons. One can blame the aging brand’s lack of popularity in the marketplace as a big reason why those people got the ax.
Jay-Z sold his stake in the Rocawear brand in 2007 to Iconix Group for $204 million dollars in cash, when the market for urban style clothing was booming. The Iconix group licensing company also owns other brands such as Candie’s, Ed Hardy and Peanuts. While hip-hop mogul Jay-Z did retain a small interest in the sale, his contractual obligations to the brand have run out and he has stopped promoting the brand.
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