Jay-Z's got 99 problems and his clothing line is one of them.
Hov just fired 28 of the 56 member staff at his once hugely successful Rocawear Clothing company according to the New York Post.
The massive lay off was due to "economic reasons" according to documents filed with the New York State Department of Labor. The bad economy has hurt a lot of businesses, but according to a source Jay just doesn't seem interested in the company any more. He rarely shows up in the office.
“It’s kind of like he’s given up on the brand,” the source told the Post.
Rocawear was founded in 1999 by Jay and Dame Dash. In 2005 Dash sold his share of the company back to Jay-Z and other silent partners for $30 million.
"They gave me $30 million and 75% of Team Roc. I’m real happy with the deal. I got $22.5 million in cash and the rest in companies (like State Property, Team Roc, Pro-Keds and other entities)," Dash told AllHipHop at the time.
Less than two years later Jay-Z sold the company to Iconix Brand Group for $204 million in cash. As part of the deal Jay remained a shareholder and in charge of product development, marketing and licensing.
Although he still retains an interest in the company, his contractual obligations have expired and he reportedly has refused to promote the brand as sales have steadily decreased.
“Jay-Z doesn’t do anything without getting paid a lot of money — a lot more than Rocawear is generating,” an insider told the New York Post.
The massive layoff came on January 6, one day before Jay's wife Beyonce gave birth to their first child.
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