Shark Tank Update
Shark Tank Pitch
Geek Chic Shark Tank Update
Published:
2m
Lynnwood, WA
| Name | Geek Chic |
|---|---|
| Main Presenters | Robert Gifford |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 1/1/2017 |
| Main Location | Lynnwood, WA Loading Map |
| Order Shown in Episode | 3 |
| Final Deal | Deal was made on the show with sharks Robert Herjavec for $300k for 25% of company, but it fell through after the show. |
Geek Chic Shark Tank Pitch
Robert Gifford proudly describes himself as a geek, and he loves board games, however, to the extent that he was leaving the house unsightly for his wife's preferences. Robert Gifford created Geek Chic, premium wood furniture that eloquently serves as a full-functioning game space or other functions and encloses into a storage case appearing as a typical table when not in use.
Robert Gifford has several products and sells the table he displayed for around $3500. Last year's sales were $2 million with a loss of $100k. Robert Gifford projects Geek Chic to cashflow from $400k to $500k this year and to eventually grow beyond $10 million in annual revenue. Robert Gifford wants to purchase a truck to handle more shipments and buy machinery to make production more efficient.
Kevin warns that the wood furniture industry in America has been decimated recently by cheaper imports from other countries. All sharks go out except Daymond, who makes an offer. After some negotiating with Robert Gifford, Robert Herjavec jumps back in and the Roberts secure a deal.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $100k for 5% of company | |
| Sharks | Out | Lori Greiner | Out |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Kevin O'Leary | Out |
| Sharks | Offered | Daymond John | $200k for 25% of company |
| Company | Offered | Daymond John | $500k for 15% of company |
| Sharks | Deal Never Closed | Robert Herjavec | $300k for 25% of company |
Mark Cuban
Out
Daymond John
Offered
Kevin O'Leary
Out
Lori Greiner
Out
Robert Herjavec
Deal Never Closed
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Geek Chic After Shark Tank
According to a 2013 article by heraldnet.com https://www.heraldnet.com/uncategorized/chic-geek-finds-a-niche-with-gamers, Robert Gifford said he decided to take an investment from somebody already involved in Geek Chic rather than Robert Herjavecs. Geek Chic lost $100k for both 2011 and 2012 and in 2013 was on track to do around $3 million in revenue but rake in another loss. Robert Gillford said at the time "Amazon lost money for almost a decade before it turned a profit, and now it’s a monster."Link Preview
heraldnet.com
According to polygon.com https://www.polygon.com/2017/7/19/15999728/geek-chic-bankruptcy-filing-documents-patrick-rothfuss https://www.heraldnet.com/business/bankrupt-geek-chic-owed-7-5m-auction-raises-a-fraction, Robert Gifford was forced to file for chapter 7 bankruptcy in 2017. Geek Chic had $7.5 million in debt and only around $1.4 million in assets at the time. According to a 2018 article by heraldnet.com Link Preview
polygon.com , remaining unfinished furniture, tools, and board games from Crash Games were sold for $336k at auction.Link Preview
heraldnet.com
Patrick Pothfuss put money into Geek Chic in 2007 and Peter Bemis put money in starting in 2014. According to icv2.com https://icv2.com/articles/news/view/33804/crash-games-joins-geek-chic, in 2016 Geek Chic merged with Crash Games owned by Patrick Nickell. Robert Gifford also put in money over the years. All seemingly put in several million dollars combined.Link Preview
icv2.com
Geek Chic's Instagram is @geekchichq https://www.instagram.com/geekchichq https://x.com/geekchichq and its Twitter is @geekchichq Link Preview
@geekchichq although the last posts are from 2017, concluding with an announcement that the business would be closing.Link Preview
@geekchichq
Join the Newsletter
Stay up to date on the latest news and updates occuring in the Shark Tank world.
Join the Newsletter
Stay up to date on the latest news and updates occuring in the Shark Tank world.
