Whether you hear it labeled as “moving in” or “closing down” one thing is certain, ThinkGeek stores are going to be in short supply in the very near future.
The newly appointed CEO of Game Stop, George Sherman, voiced in a quarterly earnings call that there are some glaring redundancies between the two stores, which both have a focus in collectibles.
“What we’ll do with ThinkGeek is produce a redirect. So we’ll be leveraging off the GameStop platform to still have a presence for ThinkGeek, and still have that brand at least initially, while we consolidate the backend operations,” Sherman explained earlier this week.
ThinkGeek has been around for two decades and began as an online store for collectibles until they were acquired by GameStop in 2015. Two months after the acquisition ThinkGeek opened it’s first physical store location. It has since grown into over 40 locations as well as become an every growing presence within GameStop locations themselves. However, going off of Sherman’s statement, it seems the brand will inevitably be phased out after “backend operations are consolidated”.
While the ThinkGeek site is being shut down on July 2, apparently the 40 retail locations will remain open for the time being.
GameStop has not had the easiest year, with their stocks tanking back in January as the company gave up their search for a buyer due to their lack of funding. After this, the company vowed to re-commit to its core gaming and collectible business. On top of that, in April GameStop reported a $673 million annual loss for its financial year ending on February 2, 2019. That loss was after the gaming company acquired $700 million from selling their Spring Mobile business in November of 2018.
One thing is certain, things continue to look uncertain for the long-standing video game company.