Ever since it became a meme stock thanks to Reddit “investors”, GameStop has gone on quite a wild journey. On the latest episode of GameStop’s wild ride, the company has begun firing workers without giving them much notice. Thursday saw GameStop publicly announce that their CFO is officially fired.
GameStop CEO Matt Furlong informed employees of the round of layoffs in a memo passed to various online outlets. Furlong says in the message that “today, we’re making a number of reductions to help us keep things simple and operate nimbly with the right talent in place”. But it is unknown how many workers are affected or in which departments.
It looks as though GameStop is betting some of its future on its blockchain division despite the fact that cryptocurrency isn’t performing so well right now. This point is highlighted in the very first sentence of Furlong’s memo:
Change will be a constant as we evolve our commerce business and launch new products through our blockchain group. After investing heavily in personnel, technology, inventory and supply chain infrastructure over the past 18 months, our focus is on achieving sustained profitability. This means eliminating excess costs and operating with an intense owner’s mentality.– Matt Furlong’s Memo
The CFO of GameStop Michael Recupero was fired, this information was made public by the corporation on Thursday. Diana Saadeh-Jajeh, who served as the business’s chief accounting officer, will take his position.
It’s unknown how many individuals were affected by the layoffs. Reports say that Game Informer, which is owned by GameStop also suffered. Staff members have posted some tweets sharing their mood, and it’s not looking great:
My heart goes out to everyone affected. Your journalistic works, even if sometimes controversial, are greatly appreciated, and we hope your future endeavors in the industry don’t suck.
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