The new owners of Karmaloop have named a new CEO less than a week after taking over the struggling Top 500 streetwear e-retailer.

Comvest Partners and CapX Partners have hired Seth Haber as the retailer’s new CEO. Haber had been the co-owner of Agenda LLC, a lifestyle and fashion trade show company. He replaces Karmaloop founder Greg Selkoe, who will stay on in an advisory role.

“I know that we can continue to build on what the company has already done in order to take it to the next level,” Haber said in a statement.

The move comes five days after Comvest Partners and CapX Partners announced they were acquiring Karmaloop, No. 152 in the  Internet Retailer 2015 Top 500 Guide, for $13 million. Along with disclosing Haber’s hiring, Comvest and CapX also said they plan to invest an unspecified amount of money in the business in order to help him accelerate growth and drive profit to Karmaloop’s properties.

Haber’s task is turning around the fortunes of a retailer that has fallen on hard times due to what Selkoe has described as a string of bad investments. Karmaloop filed for Chapter 11 bankruptcy protection in March.

Top500Guide.com data shows that after four years of explosive growth, Karmaloop’s sales have stagnated. The retailer grew its sales 233% to an Internet Retailer-estimated $200 million in 2012 from $60 million in 2009. That growth trajectory has plateaued since 2012 though, with the retailer posting an Internet Retailer-estimated $216.3 million in sales in 2014, up only 8.2% since 2012.