Video game retail chain GameStop has won the bidding war for GeekNet, parent of ThinkGeek.com, the companies announced today. GameStop had come in with a $140 million offer, topping Hot Topic’s $122 million offer, late last week (see "Bidding War for Geek Retailer"). Since GeekNet had previously agreed to be acquired by Hot Topic, it will have to pay a $3+ million break-up fee to Hot Topic, which will be covered by GameStop. The acquisition is expected to close by the end of July.
This gives GameStop, which has annual sales of over $9 billion annually through over 6,600 stores in 14 countries, a footprint in online geek merchandise retailing, and in a businesss less likely to be disrupted by the move of video game sales online.
For ThinkGeek
Posted by Milton Griepp on June 2, 2015 @ 2:40 pm CT
MORE COMICS
'Lord of the Rings,' 'Star Wars,' 'Marvel Masterpieces,' 'Magic: The Gathering' Artist
November 1, 2024
Greg Hildebrandt, noted for his classic paintings with his twin brother Tim for Star Wars and The Lord of the Rings , has passed away.
From Scholastic Graphix in Spring 2025
November 1, 2024
Spring 2025 Scholastic Graphix releases include an original Spider-Man antholgy, a Five Nights at Freddy's graphic novel, and a new book by Gale Galligan.
MORE NEWS
Marks Return of Draconic Talent
November 1, 2024
Legend Story Studios is bringing the Draconic Talent back in Flesh and Blood: The Hunted.
Introduces World Tour, Player of the Year, Blitz Changes
November 1, 2024
Legend Story Studios is announcing a World Tour and Player of the Year as parts of its updated OP program.