Jay-Z is revered for his business acumen, but the mogul’s Rocawear clothing company is being sued for not paying its bills, according to a story in the New York Post. The line allegedly owes wholesale company iSource NYC nearly $500,000 for garments made in Pakistan and shipped to New York in 2012, according to a lawsuit filed in the Manhattan Supreme Court, as per the Post.
The suit says the items shipped to New York were “were specially ordered goods…[with] the ‘Rocawear’ brand name imprinted on [them],” according to the suit. “Defendant never returned the ROC goods to iSource.” According to the Post’s article, Rocawear paid for approximately half of the $1 million shipment. iSource is seeking the balance owed, as well as 9 percent interest. The bill was due in 2012.
Reps for Rocawear did not return the Post’s request for comment before it published the article, according to the Post.
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Rocawear was created by Jay-Z and Damon “Dame” Dash in 1999 and became one of the most popular clothing lines owned by a rapper. In March 2007, Jay-Z sold Iconix Brand Group the rights to Rocawear for $204 million, according to reports. Rocawear partnered with Pharrell Williams’ Billionaire Boys Club line in August 2011.
In January 2012, though, Rocawear laid off half of the staff of its men’s and boy’s apparel division. In August 2012, Jay-Z opened a Rocawear store to Barclays Stadium, where the New Jersey Nets play their home games. Jay-Z reportedly owns less than 1 percent of the NBA franchise, but may have to sell his stake given his status as an owner of Roc Nation Sports, a sports agency that represents professional athletes. The NBA does not allow sports agents to own teams in its association.
RELATED:Jay-Z Opening Rocawear Store In Brooklyn Nets Stadium
