*While all seems flowers and candy in the world of Hip Hop mogul Jay-Z since the birth of his baby girl, his good name isn’t fairing too well in the business market.
Rocawear clothing, the company he co-founded with producer Damon Dash in 1999, executed a massive layoff and is currently on the verge of chapter 11.
According to reports, the brand gave pink slips to half the company’s staff in the men’s and boys apparel departments on Jan. 6, citing economic reasons.
Jay-Z actually doesn’t have much to do with the clothing company anymore, since he sold it in 2007 to Iconix Group, a licensing company that own Candie’s, Ed Hardy and Signature Apparel Group LLC, which is owned by Jacqueline Laurita.
On top of all of that, Laurita’s Signature Apparel of the “Real Housewives of New Jersey” star was hit with a lawsuit for $2.8 million in damages form one of its Rocawear licensees, ROC Fashion.
Apparently she designed, made and distributed the brand’s junior clothing that went belly up two years ago.