The tumultuous times for the biggest brick and mortar game retailer in the US continue — GameStop’s Chief Financial Officer Mike Recupero is headed out, and the company is preparing for a big wave of layoffs in an attempt for “sustained profitability” wrote CEO Matt Furlong in a memo to employees, Axios reports.
GameStop has been struggling to generate revenue for some time, even as the company’s stock has become a meme. While long past that January 2021 spike of home investors wanting to stick it to Wall Street shorters, the company’s stock remains relatively high in the grand scope of its trading history, even as its stocks continue to fall over time and the company bleeds money. Furlong is attempting to shift to an “intense owner’s mentality” by eliminating “excess costs.” Basically, removing jobs to trim down staff.
Filling the CFO position is Chief Accounting Officer Diana Saadeh-Jajeh. While Recupero’s departure was announced by the company openly, it’s being more furtive about the mass layoffs. GameStop added 600 workers at many new offices in 2021 and the first half of 2022, presumably the pool from which most employees will be cut. The company will also be laying off some members of Game Informer staff as well. This is all with the looming threat of recession around the corner, which economists have speculated about for some time. We’ll have to see how GameStop ends up in the future, but we wish all the best to any employees who will be shown the door soon. It sucks.
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Written by Amelia Fruzzetti
A writer and Nintendo fan based in Seattle, Washington. When not working for NinWire, she can be found eating pasta, writing stories, and wondering about when Mother 3 is finally going to get an official localization.
