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{"id":9517,"date":"2022-07-08T15:12:47","date_gmt":"2022-07-08T15:12:47","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/07\/08\/gamestop-is-laying-off-staff-and-has-fired-its-cfo\/"},"modified":"2022-07-08T15:12:48","modified_gmt":"2022-07-08T15:12:48","slug":"gamestop-is-laying-off-staff-and-has-fired-its-cfo","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/07\/08\/gamestop-is-laying-off-staff-and-has-fired-its-cfo\/","title":{"rendered":"GameStop is laying off staff and has fired its CFO"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/7\/7\/23199123\/gamestop-layoffs-cfo-fired-blockchain<\/a>
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GameStop has been on a wild ride ever since it reached meme stock status<\/a>, and the company has recently been dabbling in Web3 technologies like NFTs<\/a> and crypto<\/a>. More recently, it\u2019s also been laying off employees without much explanation. On Thursday, GameStop internally announced an unspecified number of layoffs \u2014 reportedly including some from the popular publication Game Informer<\/em> \u2014<\/em> and<\/em> publicly revealed that it has fired its CFO with a terse press release.<\/p>\n

GameStop CEO Matt Furlong announced the round of layoffs to staff in a memo obtained by CNBC<\/a> and Kotaku<\/em><\/a>. It\u2019s completely unclear how many people are affected or in which divisions, though Furlong writes in the memo that \u201cwe\u2019re making a number of reductions to help us keep things simple and operate nimbly with the right talent in place.\u201d The layoffs \u201cappear\u201d to be focused at the company\u2019s Grapevine, Texas HQ, according to Kotaku<\/em>.<\/p>\n

Despite the fact that crypto isn\u2019t doing so hot right now<\/a>, it seems as if GameStop is banking some of its future on its blockchain group \u2014 it\u2019s mentioned in the very first line of Furlong\u2019s memo:<\/p>\n

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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\u2019s mentality. <\/p>\n<\/blockquote>\n

GameStop also says its\u2019 making \u201ca significant investment\u201d in its store employees, indicating that it still believes its retail stores are important, too. \u201cThese individuals are, in many respects, the heart of GameStop,\u201d Furlong wrote. \u201cWe\u2019ll be sharing details regarding this investment in the coming weeks.\u201d<\/p>\n

The company publicly announced<\/a> the \u201ctermination of the employment\u201d of CFO Michael Recupero. He will be replaced by Diana Saadeh-Jajeh, who was the company\u2019s chief accounting officer.<\/p>\n

According to Axios<\/em><\/a>, the layoffs have also affected Game Informer<\/em>, which is owned by the video game retailer, though it\u2019s unclear how many people were impacted. Some tweets from staffers aren\u2019t<\/a> positive<\/a>.<\/p>\n