thinkgeek bought by gamestop

As ThinkGeek and GameStop ran down the aisle, arm in arm, the online retailer knew that it had done the right thing because, after all, GameStop had loads more money. The press-release makes mention of GameStop using the company to broaden its "product offering in the fast-growing collectibles category." In the press release, Geeknet said: The deal is expected to close by GameStop's second quarter. GameStop announced it will acquire Geeknet, owner of the apparel site Thinkgeek, for $140 million, rejecting an earlier acquisition deal from pop culture retailer Hot Topic. What’s the deal?

Archived. Think Geek's video game-themed April Fools' Day prank this year was really, really good. As part of the deal, Hot Topic will receive a "termination fee," the value of which hasn't been disclosed, but will probably not be enough to ease the pain that only comes when your corporation is jilted. As far as mergers and acquisitions go, they left the site and leadership at ThinkGeek untouched for 4 years. Overall, I would have given this 5 stars if not for the retail price of $34.99 and the cheap flimsy plastic base. © 2020 Verizon Media. In a joint statement released Tuesday, GameStop says Geeknet terminated a previously announced agreement with Hot Topic valuing the company at $122 million to accept the video game chain's "superior proposal.". GameStop added that it expects to see a boost of about $100 million-plus in annual net sales as a result of the buyout. Let's just hope that GameStop doesn't start offering terrible preorder or trade-in deals for ThinkGeek toys. Follow Brett Molina on Twitter: @brettmolina23. 3. ThinkGeek was founded in 1999, was based in Fairfax, Virginia, and is owned by Geeknet, a unit of GameStop. Verge Video: The 11,000 piece toy collection you have to see More From The Verge

In a press release put out today, Geeknet has announced that they’ve cancelled the deal with Hot Topic (and will pay the termination fee) in favour of an offer of $140 million from GameStop. GameStop has the starter decks and booster packs that will make your deck dangerous for your foes. Your California Privacy Rights/Privacy Policy. "The addition of Geeknet is an important expansion of our global multichannel platform," says GameStop CEO Paul Raines in a statement. Find release dates, customer reviews, previews, and more. Thinkgeek gift card at Gamestop? History. I’ve bought $100s of silly things on ThinkGeek over the years, glad they got a good purchase price from GameStop in 2015 (they were paid $140,000,000 - that’s a wildly optimistic price for a merchandise website with low margins). GameStop announced it will acquire Geeknet, owner of the apparel site Thinkgeek, for $140 million, rejecting an earlier acquisition deal from pop culture retailer Hot Topic. Mere days after Hot Topic announced its plans to buy ThinkGeek for $122 million, the nerdy online retailer called the deal off. "Geeknet will pay Hot Topic a termination fee pursuant to the Hot Topic agreement, for which GameStop has agreed to reimburse Geeknet.". Classic Board Games with a Twist: Are you a fan of Monopoly, Clue, Chess, or Checkers? © 2020 USA TODAY, a division of Gannett Satellite Information Network, LLC. Animal Crossing: New Horizons Free Autumn Update Adds Halloween Next Week, By It makes a big chunk of sense, since the store is suffering at the hands of its online rivals and has recently decided to go into the retro gaming business in a big way. Rated 4 out of 5 by TheOnlyBroseph from Really Cool Item - Best Used in Dark The pictures do not justify how cool this product really is. Buy GameStop and ThinkGeek Gift Card at GameStop.

You might have heard recently, Geeknet, the owners of ThinkGeek.com had been bought by Hot Topic for $122 million. GameStop CEO Paul Raines offered his own statement on the acquisition, explaining why he thinks it was a smart move that will help GameStop grow its brand.