GameStop is laying off employees and firing its CFO

GameStop has been on a wild ride ever since it reached meme stock status, and the company has recently been dabbling in Web3 technologies like NFT and crypto. Recently, it is also laying off employees without any explanation. On Thursday, GameStop announced an unspecified number of layoffs internally — including some reportedly from the popular publication. sports informer , And publicly disclosed that it had fired its CFO with a brief press release.

GameStop CEO Matt Furlong announced the round of staff layoffs in a memo obtained by CNBC and my box, It’s not entirely clear how many people are affected or in which divisions, although Furlong writes in the memo that “we’re making several cuts to help keep things simple and work with the right talent.” The layoffs “revealed” focused on the company’s Grapevine, Texas headquarters, according to my box,

Despite the fact that crypto isn’t heating up that much right now, it seems as though GameStop is banking some part of its future on its blockchain group — this is mentioned in the first line of Furlong’s memo:

Change will be constant as we grow 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 additional costs and operating with an in-depth owner mindset.

GameStop also says it is making “a significant investment” in its store staff, indicating that it still believes its retail stores are important as well. “These individuals are, in many ways, the heart of Gamestop,” Furlong wrote. “We will share details about this investment in the coming weeks.”

The company publicly announced the “termination of employment” of CFO Michael Ricupero. He will be replaced by Diana Sadeh-Jazeh, who was the company’s chief accounting officer.

According to axioslayoffs have also been affected sports informer, which is owned by the video game retailer, although it is unclear how many people were affected. Some tweets from employees are not Positive,

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