The parent company of ThinkGeek, the site that sells oddball "geeky" merchandise, was purchased by the retail "giant" GameStop to the tune of about $140 million. This includes $37 million in cash and "cash equivalents" as of March 31.
"This acquisition creates value to all stakeholders involved," said CEO Paul Raines.
"The addition of Geeknet is an important expansion of our global multichannel platform and we are excited to leverage their product development expertise to broaden our product offering in the fast-growing collectibles category and deepen relationships with our existing customer base."
"The addition of Geeknet is an important expansion of our global multichannel platform and we are excited to leverage their product development expertise to broaden our product offering in the fast-growing collectibles category and deepen relationships with our existing customer base."
As mentioned, GameStop beat out Hot Topic. Yes, the same Hot Topic where teens, Twilight fans, and aspiring "goths" (usually all three) decide to become edgy rebels against society and conformism by ironically purchasing the same clothing, meme covered apparel, and various glow in the dark doodads. Hot Topic apparently only offered up $122 million for ThinkGeek. How either Hot Topic or GameStop still have that kind of cash to throw around is the real amazing thing here.
(via GI.biz)
