Image: GameStop

GameStop CEO Matt Furlong has sent an internal memo to employees detailing many changes as the company strives for profitability. Layoffs have been announced, including its CFO and Game Informer employees. GameStop is now focusing on its cryptocurrency division and investing in store leaders and field employees. One location recently saw a group of employees quitting due to being overworked and lack of respect from management, a signal to higher-ups that improvements are necessary. Mike Recupero will be replaced as CFO by chief accounting officer Diana Jajeh.

“Everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results,” Furlong wrote in the memo.

Source: Axios

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Peter Brosdahl

As a child of the 70’s I was part of the many who became enthralled by the video arcade invasion of the 1980’s. Saving money from various odd jobs I purchased my first computer from a friend of my...

6 comments

  1. I'm not surprised they burned through the influx of capital doing... very risky maneuvers to try and capitalize on that and just burnt it off. I don't understand why they did what they did. They should have consolidated stores and made fewer bigger locations that made it more of an experience. At least in my mind.
  2. It definitely seems like there is a disconnect between the corporate leadership and what is happening at the store level. The belief that they should be focusing on blockchain/NFT crap is depressing, to say the least.
  3. From May up to today, I've been reading about major global layoffs from corporation leaders (a recession) around the world in the tens of thousands, especially in the US, so, how in the fuzz is the Bureau of Labor Statistics reporting 372K+ jobs in June where the industry leaders (many are also under a hiring FREEZE since May) are contradicting these *alleged* numbers?!

    Which party oversee the BLS again? 🤣
  4. so, how in the fuzz is the Bureau of Labor Statistics reporting 372K+ jobs in June where the industry leaders (many are also under a hiring FREEZE since May) are contradicting these *alleged* numbers?!
    Fast food, Amazon warehouses and contract drivers take a lot of labor to staff up. At least until they get them fully automated.

    Every place around here is hiring, but it's mostly for those crappy jobs. Not all though, a lot of decent craft and trades positions are open too - but no one is applying anywhere. Its bad enough a lot of places are cutting back on hours and/or service. If you wanted a job, you could certainly get one today around here, so long as you weren't too picky and holding out to land a career spot.
  5. CFO exits:

    The rats are fleeing the sinking ship.

    They had their second chance when Robinhood drove the stonk price to the moon. You can either say they wasted their shot, and/or that it was such a hopeless endeavor that it was doomed to failure anyway and the stock market manipulation was just a happy accident that prolonged their death for a few more months.
  6. The only hope for GameStop and Meta is that young people will flock to the metaverse if for no other reason than it’s not their parents’ legacy digital experience. When the real world around you is decaying, the virtual one seems bright, shiny and new.

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