The City of Industry company last week announced a plan to acquire retailer Geeknet Inc. for $122 million, but that deal was scrapped when another buyer made a sweeter offer.
Geeknet, based in Fairfax, Va., announced Tuesday that it would be purchased by Texas video game retailer GameStop Corp. in a deal valued at about $140 million.
Geeknet, parent company of online stores ThinkGeek and ThinkGeek Solutions, specializes in apparel and accessories such as video-game themed t-shirts and comic book figurines. The company had received a higher offer shortly after Hot Topic’s bid and gave the Industry company until Monday to respond.
Hot Topic and its private equity owner, Sycamore Partners, declined to comment.
The deal would have been Hot Topic’s first acquisition since it was acquired by New York’s Sycamore in 2013.
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