GameStop, known as a notable meme stock from last year, has been experiencing a decline in its value over time. A struggling sector for the company has been its cryptocurrency endeavors, including the launch of a branded blockchain wallet. Consequently, GameStop has decided to carry out a new round of layoffs.
The layoffs will primarily impact roles in GameStop’s crypto-related ventures and some positions in its corporate division. CEO Matt Furlong, in an email to staff obtained by Kotaku, emphasized the company’s focus on attaining profitability and sustainable growth. He mentioned the completion of projects aimed at enhancing operational efficiency and determining the appropriate corporate staffing levels required to meet their goals.
This recent round of layoffs is the third significant workforce reduction at GameStop this year, as the company faced a decline in its value linked to the upheaval in the crypto market, particularly involving FTX, a platform where GameStop had connected some of its cryptocurrency initiatives.
GameStop has reportedly made another round of layoffs this weekhttps://t.co/1wQZyQwFoK
— GamesIndustry (@GIBiz) December 6, 2022
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