What Happened to Geek Chic After the Shark Tank Pitch?
What is Geek Chic?
Geek Chic creates custom-made gaming furniture. The hardwood table tops, made of the best cherry, maple, and walnut woods, slide out to expose bespoke insets made for each customer.
A sheet of acrylic glass is routinely ordered by risk players to keep their maps. Poker players love to use a speed cloth to deal swiftly.
Who Founded Geek Chic?
Geek Chic’s CEO and founder is Robert Gifford.
In Everett, WA, he creates Geek Chic furniture for the discriminating gamer/geek who values practicality as well as visually beautiful furniture.
The gaming tables at Geek Chic may be entirely tailored to the customer’s gaming tastes and aesthetic. Geek Chic can build a gaming table for you, whether you enjoy a relaxing game of cards, role-playing game war simulations, or everything in between.
Gifford is a 40-year-old role-playing game veteran who decided to convert his nerdy hobby into a company.
What Happened to Geek Chic at the Shark Tank Pitch?
Robert Gifford presents Geek Chic to the Shark Tank in Season 4 Episode 25.
He’s looking for a $100,000 investment in return for a small 5% ownership in his company, which is a valuation of $2 million.
According to Gifford, a “geek” is someone who is passionately curious in a particular subject. He recounts how his hobbies led to his home’s clutter.
Gifford displays one of his tables that doubles as a dining table, illustrating how it grows into a space appropriate for gaming setup.
While the Sharks are impressed with the quality and presentation of his furniture, the statistics had them nodding at first.
The first year’s sales were $2 million, but the bottom line was less healthy. Geek Chic has a $100,000 hole in its pocket.
Gifford plans to use the funds to enhance his manufacturing and transportation capabilities.
Lori Greiner admires Geek Chic but has reservations about his capacity to flourish in the competitive furniture business. She’s gotten away.
“Furniture is not my forte,” says Mark Cuban. He merely sees a table and has no ambition to work in that industry. He’s gotten away.
Robert Herjavec has faith in the furnishings but not in the business plan. He’s already gone.
Kevin O’Leary tells Gifford that he is an “anomaly” in the furniture industry since he has gotten this far.
He believes he should keep his firm small and avoid large-scale sales. He’s already gone.
Daymond John is dubious if he can invest, but he is enamoured with the decor and Gifford’s management style. He makes a $200,000 offer in return for 25% of the company.
Gifford replies with a $500,000 offer for a 15% ownership.
Daymond John is unhappy but keeps his post.
Robert Herjavec unexpectedly re-enters the contest with a new monetary offer. He offers $300,000 in return for a 25% stake.
Gifford accepts Herjavec’s offer and walks out from the Tank with a Shark deal.
What Happened to Geek Chic After the Shark Tank Pitch?
The deal with Robert was never finalized. Due diligence allows both parties to deny an offer, and Gifford eventually chose to accept a more favourable offer from an investor previously associated with Geek Chic.
The company continues to grow, but cash flow has been a recurring concern.
Gifford’s policy of gradual development and low prices is working for the time being, but if the Geek Chic Company is to continue, he will need to start earning a profit someday.
Gifford is determined about achieving his goal.
Unfortunately, the company did not endure. On June 13, 2017, the company announced its closure.
The business declared bankruptcy the next month, with debts totalling $7.5 million and assets totalling only $1.4 million.
What is the Net Worth of Geek Chic?
Robert Gifford comes in looking for a $100,000 investment in return for a small 5% ownership in his company, which is a valuation of $2 million. He accepted Robert’s offer of $300,000 for 25%, bringing the valuation to $1.2 million.
Who are the Competitors of Geek Chic?
There are no known competitors for Geek Chic.
Geek Chic FAQS
What happened to Geek Chic after Shark Tank?
Geek Chic, a premium gaming furniture maker that was featured on ‘Shark Tank,’ has gone out of business.
According to a message on the company’s website and social media sites, Geek Chic, a manufacturer of high-end furniture aimed at geeks who like board games, has suspended operations.
What is geek chic on Shark Tank?
Geek Chic entrepreneur Robert Gifford pitches the Sharks on his custom-made, heirloom-quality gaming-themed furniture in Shark Tank episode 423.
Gifford claims that he likes coming up with solutions to his own problems and then selling them.
Where is Geek Chic now?
Geek Chic, a creator of handmade gaming furniture, has gone out of business.
According to multiple consumer reports, the company stopped responding to email and phone requests. Geek Chic declared on its social media platforms that business had “ceased operations.”
Where can they buy Geek Chic?
Geek Chic furniture may be found at retailers around the country if there is a Geek Chic showroom. The firm is not presently taking new sales, either online or in a showroom.
Who is Robert Gifford?
A 40-year veteran role-playing player who decided to convert his nerdy passion for games into a company after discovering that he had too many board games and not enough room in his house.
Did Robert Gifford get an investment from the Sharks?
Yes, but he eventually rejected, and Geek Chic chose a better offer from an investor who was already involved in the firm.
Can they still buy things from geek chic?
No. For the time being, they may only purchase goods and services through the company’s online store.
Why did Geek Chic close?
There are currently other explanations stated for the firm’s closure, but they all revolve around the company’s inability to secure fresh sources of finance.
Why does Geek Chic keep having problems?
Geek Chic entered bankruptcy in 2014, liquidated inventory, and began paying out of pocket for client refunds.
Since its start, the corporation has struggled to maintain its little business solvent.
How was Geek Chic making money?
Geek Chic was founded to create bespoke gaming furniture for customers and eventually to provide small-batch sales.
Many customer reports, however, have suggested that the firm was fighting to stay afloat while paying off debts.
What was weaknesses of Geek Chic?
Several customers have complained about Geek Chic’s bad customer service, delayed delivery periods, and poor communication.
What was the outcome of Geek Chic’s Shark Tank deal?
Gifford had agreed to a $300,000 Shark Exchange Offer with Robert Herjavec in exchange for a 25% share in Geek Chic. The transaction did not go through.