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HomeImmutableXLayoffs precede GameStop’s latest glimpse into how its turnaround is working

Layoffs precede GameStop’s latest glimpse into how its turnaround is working

GameStop laid off workers just weeks before the holidays, reportedly in a major blow to the team working on the company’s cryptocurrency initiative.

The Grapevine-based video game retailer didn’t confirm any layoffs, but LinkedIn posts from current and former employees indicated a number of layoffs had been made since Monday. According to ., teams working on blockchain wallets have been hit particularly hard. Axios. LinkedIn Position Mickey Kalish, former director of the logistics and transportation team, said the transportation department was “hugely impacted.”

GameStop lead engineer Daniel Williams wrote: Position On LinkedIn, “Another major layoff from GameStop is currently underway… e-commerce products and engineers… there are a lot of people.”

On Tuesday, GameStop spokesman Gregory Marose said the company had no comment. The company Latest Quarterly Results After the market closed Wednesday, investors will be given the latest glimpse into how the turnaround strategy designed by activist investor-turned-board chairman Ryan Cohen is going.

Internal email obtained by the game site KotakuGameStop CEO Matt Furlong said the layoffs will help the company achieve profitability.

“We recently completed several projects that were part of the early stages of our transformation, helping our business operate more efficiently,” Furlong wrote. “In addition, we continued to have clarity on the appropriate level of corporate staffing needed to meet our profitability and growth goals.”

GameStop has been working with blockchain technology and digital marketplaces to find ways to connect with gamers who are primarily streaming today. In September Preferred Retail Partner for Bankruptcy cryptocurrency exchange FTXat least $8 billion in customer funding shortfalls.

The company fell into an unexpected financial situation last year when it was at its center. memestock boom It’s where traders drive up stock prices to shut out investors betting on the company’s demise. By the end of 2021, GameStop had $1.3 billion in cash. That’s down to about $909 million as of September.

GameStop laid off employees in July as part of its move to a digital future, according to a memo obtained by . CNBCGamers are the natural audience for new technologies, which is why we invested in the irreplaceable token and crypto space. However, the company is in a tough spot as cryptocurrency prices continue to fall after the crash a year ago.

The company released a wallet to send and receive cryptos and NFTs MayIt is designed to work with . NFT Marketplacelaunched just days later in July Cut headcount and fired CFO Mike Recupero for a month, an Amazon veteran. He was replaced by Diana Saadeh-Jajeh, formerly GameStop’s Chief Accounting Officer.

Other leadership changes this year included hiring new chief operating officer Nir Patel, formerly CEO of retailer Belk, and new CEO Furlong, who previously worked at Amazon.

In February, GameStop partnered with blockchain platform Immutable X. This was to offer up to $150 million in his IMX tokens upon reaching certain milestones. When the deal was announced, the IMX token was trading at $3.38.Well, the price is dropped to 48 cents.

Layoffs are tearing industries including technology and media apart, and recession fears are entrenched in corporate boardrooms.Consumer brand giants this week PepsiCo job cutsThis includes certain North American snacks and packaged food businesses in Plano and Chicago.

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