Geek Chic Shark Tank Net Worth 2023
Geek Chic is a company that makes hand-crafted gaming furniture, including tables made of high-quality hardwood. The company appeared on Shark Tank seeking a $100,000 investment in exchange for a 5% stake in the company, which was valued at nearly $2 million dollars.
Robert Gifford, the founder and CEO of Geek Chic, accepted an offer from Robert Herjavec but ultimately decided to go with another investor after studying the details of the offer.
Despite growing the business after Shark Tank, Geek Chic announced its closure in June 2017 and declared bankruptcy with $7.5 million in liabilities and assets of just $1.4 million.
Court documents revealed that the company was massively in debt and owed millions to creditors including its founder and investors such as author Patrick Rothfuss.
However, few finished merchandise was listed in the bankruptcy filings, which suggests that most customers received their completed orders. It is unclear what the net worth of Geek Chic is currently since it went out of business in 2017.
What Is Geek Chic?
Geek Chic was a company that specializes in creating personalized gaming furniture. Their tabletops are made of high-quality cherry, maple, and walnut wood and can be customized with insets unique to each customer’s needs.
For example, Risk players often request an acrylic glass sheet to hold their maps, while poker players may opt for a speed cloth for quick dealing. Robert Gifford is the CEO of Geek Chic, and all of their furniture is crafted in Everett, WA with a focus on both functionality and aesthetics for discerning gamers and geeks.
Geek Chic’s gaming tables are fully customizable to meet the unique preferences and styles of each customer. Whether you prefer a comfortable game of cards or an intense role-playing battle simulation, Geek Chic can design a gaming table tailored specifically for you.
Robert Gifford, a 40-year veteran of role-playing games, founded Geek Chic as a way to turn his love of gaming into a successful business venture.
What Happen To Geek Chic At The Shark Tank Pitch?
In the 25th episode of the fourth season, Robert Gifford made an appearance on Shark Tank to introduce his business, Geek Chic, and seek a $100,000 investment in exchange for a 5% stake in his company, which was valued at $2 million.
Gifford explained that he defines a “geek” as someone who is highly curious and passionate about a particular subject, and shared how his own hobbies had resulted in a cluttered house. He showcased one of his tables, which doubled as a dining room table and a game table when expanded.
Although the Sharks were impressed with the quality and presentation of his furniture, the financial figures initially gave them pause. While sales had reached $2 million in the first year, Geek Chic was $100,000 in debt.
Gifford intended to use the investment to expand his manufacturing and transportation capabilities. While Lori Greiner was a fan of the furniture, she had doubts about the competitiveness of the market and declined to invest. Mark Cuban, who saw furniture as outside his area of expertise, also passed.
Robert Herjavec believed in the furniture but not in the business strategy and declined to invest, as did Kevin O’Leary, who saw Gifford as an anomaly in the furniture business and recommended a more modest approach.
Daymond John was impressed with the furnishings and Gifford’s approach to running the business but was unsure if he could invest. He made an offer of $200,000 for a 25% stake, which Gifford countered with $500,000 for a 15% stake.
Herjavec unexpectedly re-entered the negotiations with an offer of $300,000 for a 25% stake, which Gifford ultimately accepted, leading to a Shark arrangement.
Geek Chic After The Shark Tank Pitch
The deal with Robert was never finalized, as both parties had the option to decline offers through due diligence. Gifford decided to accept a better offer from an investor who had ties with Geek Chic. The business has been expanding, but cash flow has been a constant concern.
Gifford’s strategy of focusing on affordable prices and gradual development has been successful in the short term, but in order for the company to survive, he will eventually need to turn a profit. Despite the challenges, Gifford remains determined to pursue his goals.
Sadly, the company was unable to survive, and on June 13, 2017, it was announced that the company would be closing its doors. The following month, the company filed for bankruptcy, with debts totaling $7.5 million and assets totaling only $1.4 million.
Geek Chic Net Worth
Robert Gifford enters seeking a $100,000 investment in exchange for a modest 5% stake in his business, which values it at $2 million.
He accepted an offer from Robert of $300,000 for 25% which brings the valuation to be $1.2 million.
Geek Chic Competitors
Geek Chic FAQS
What happened to Geek Chic after Shark Tank?
Geek Chic, a luxury gaming furniture manufacturer that was originally featured on ‘Shark Tank,’ has closed its doors.
Geek Chic, a producer of high-end furniture geared at geeks who enjoy board games, has ceased operations, according to a notice on the company’s website and social media platforms.
What is geek chic on Shark Tank?
In episode 423 of Shark Tank, Geek Chic owner Robert Gifford pitches the Sharks on his custom-made, heirloom-quality gaming-themed furniture.
Gifford asserts that he enjoys devising answers to his own difficulties and then offering them for sale.
Where is Geek Chic now?
Geek Chic, a maker of handcrafted gaming furniture, has closed its doors.
According to several consumer testimonies, the firm ceased responding to email and phone inquiries. Geek Chic announced on its social media channels that company has “ceased operations.”
Where can they buy Geek Chic?
If there’s a Geek Chic showroom, they’ll find Geek Chic furniture at stores around the country. The company is not currently accepting new sales, either through the website or through a showroom.
Who is Robert Gifford?
A 40-year veteran role-playing gamer who decided to turn his geeky passion for games into a business after finding himself with too much of an interest in board games and too little room in his home.
Did Robert Gifford get an investment from the Sharks?
Yes, but he declined later and Geek Chic accepted a more favourable offer from an investor who was already connected with the business.
Can they still buy things from geek chic?
No. For now, they can only find products and services through the company’s online store.
Why did Geek Chic close?
There are now multiple reasons given for why the firm closed, but they all revolve around the firm being unable to find new sources of funding.
Why does Geek Chic keep having problems?
In 2014, Geek Chic declared bankruptcy, liquidated inventory, and began paying for customer refunds out of pocket.
The firm has had trouble keeping its modest business afloat since inception.
How was Geek Chic making money?
Geek Chic was originally set up to build custom gaming furniture for customers and later, to offer additional small-batch sales.
Many reports from consumers, though, have stated the company was struggling to keep afloat while paying off debts.
What was weaknesses of Geek Chic?
Several consumers have criticized Geek Chic for lacking customer service, long delivery times, and poor communication.
What was the outcome of Geek Chic’s Shark Tank deal?
Gifford had agreed to a Shark exchange Offer $300,000 with Robert Herjavec in exchange for a 25% stake in Geek Chic. The deal fell through.
What is the net worth Robert Gifford?
Where can they find Geek Chic?
They are located in Chicago, IL. The current status of their website is unknown. If they do not have a website, they can be found by visiting their Facebook page.