Hot Topic Gets its ThinkGeek On

Hot Topic is going to get its geek on. The pop culture apparel and novelties seller said on May 25 that it will acquire Geeknet, Inc., the parent company of online gizmos, gadgets and apparel seller ThinkGeek and ThinkGeek Solutions, for approximately $122 million, including $37 million of cash and cash equivalents.

According to a press release, Geeknet will become a subsidiary of Hot Topic.

“Geeknet’s unique concept and approach to the online retail community is a strong fit with our business strategy, which is focused on delivering great products for avid fans of various licensed properties,” said Lisa Harper, CEO of Hot Topic. “We are excited about the opportunity to help drive profitable growth and further enhance value for Geeknet’s customers.”

Kathryn McCarthy, CEO of Geeknet, said her company will remain focused on increasing its visibility, providing a platform to stimulate ideas and creativity, and expanding its product offerings to keep up with industry and customer demands.

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