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Photo: Michael M. Santiago (Getty Images)<\/figcaption><\/p>\n<\/div>\n<\/figure>\nA ruthless sea change is underway at GameStop. The company\u2019s latest Chief Financial Officer, Mike Recupero, has resigned and another round of mass layoffs is underway at the video game retailer even as its meme stock continues to soar in price. CEO Matt Furlong told staff in an email reviewed by Kotaku <\/em>this Thursday that the \u201creductions\u201d were an attempt to help the company operate more \u201cnimbly\u201d as it pursues profitability through an \u201cintense owner\u2019s mentality.\u201d<\/p>\n\u201cChange will be a constant as we evolve our commerce business and launch new products through our blockchain group,\u201d read the first line of Furlong\u2019s email, referencing GameStop\u2019s recent pivot to crypto. The email went on:<\/p>\n
\nAfter investing heavily in personnel, technology, inventory and supply chain infrastructure over the past 18 months, our focus is on achieving sustained profitability,\u201d Furlong told staff in an email , adding, \u201cThis means elimination excess costs and operating with an intense owner\u2019s mentality. Everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results.<\/p>\n<\/blockquote>\n
While confirmation of the layoffs began poring in on LinkedIn, it\u2019s not yet clear how many are affected. The layoffs appear to be focused on GameStop\u2019s Grapevine, Texas headquarters, but also appear to include some staff at Game Informer<\/em>, the decades-old gaming magazine acquired by the retailer when it bought Funcoland back in 2000. <\/p>\nGameStop\u2019s HQ underwent a similar round of layoffs at the end of May. Those impacted over 100 employees across a range of departments, according to one current and one former employee. GameStop did not immediately respond to a request for comment. <\/p>\n
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The Audible Premium Plus experience for Amazon Prime users includes unlimited listening to the Premium Catalog, plus (see what they do there?) one credit per month for any title of their choice. <\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\nFurlong\u2019s email stated that Recupero, who only started at GameStop a year ago, would be replaced by current Chief Accounting Officer, Diana Jajeh, making her the third executive to take over the roll in as many years.\u00a0<\/p>\n
This week, GameStop also announced a four-for-one \u201cstock split\u201d that will give investors who already own stock more shares. Per Investopedia<\/em><\/span>, \u201cAlthough the number of shares outstanding increases by a specific multiple, the total dollar value of all shares outstanding remains the same because a split does not fundamentally change the company\u2019s value,\u201d noting that the move is often pulled in an attempt to help a company boost its liquidity. As a result, GameStop\u2019s stock has already risen approximately 10%<\/span>. It ended trading at just over $135 a share today. <\/p>\n<\/div>\n
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