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GameStop lays off staff across company

CFO Mike Recupero is gone after less than a year on the job; cuts hit Game Informer staff as well

GameStop is laying off staff today, according to multiple reports.

Axios' Stephen Totilo reported that the retailer is making cuts across the company, including at its Game Informer press outlet, adding that GameStop CFO Mike Recupero is also gone from the company.

Totilo cited a company memo as the source of the information. Kotaku's Ethan Gach corroborated the news with a quote from an email sent to GameStop staff addressing the layoffs.

"This means eliminating excess costs and operating with an intense owner's mentality," staff were told. "Everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results."

GameStop has not publicly confirmed the layoffs yet. A representative did not immediately return a request for comment.

Mike Recupero had been named as the company's chief financial officer a year ago this week, one of a number of former Amazon executives who had been brought onboard as the retailer tried to revamp its ecommerce strategy.

Recupero follows another of those Amazon veterans out the door after a brief stint, as chief operating officer Jenna Owens left GameStop in November after just seven months with the company.

Last month, GameStop reported financial results for its first fiscal quarter of the year, showing sales inching upward while net losses more than doubled to $158 million.

One of the few details the company gave about its performance during the quarter was that it had been ramping up hiring for people with experience in blockchain gaming, ecommerce and technology, and operations.

Update: GameStop later confirmed Recupero's termination and announced Diana Saadeh-Jajeh as his successor in the CFO role. Saandeh-Jajeh had been interim CFO before Recupero's appointment, and had been serving as chief accounting officer.

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Latest comments (1)

Nicola Congia Sole Trader 17 days ago
Trading GME sure is fun.

They completely got rid of older generations games when the retro market is at an all time high. Nobody in the world is better positioned than them to cover that niche (and really, how big can it be?)

They might print games ŕ la Limited Run Games but in a much larger scale I guess.

Instead they opted for speculations and still vague undefined “etf” businesses.

I hope someone who’s passionate about physical videogames - which, I think, are not going away anytime soon - takes over the business and builds upon their core strength, ie a direct relationship with customers.

E-commerce of course is important but Amazon quality in shipping is simply insane.

And yes, I understand financially speaking it will always be a downgrade compared to the past but perhaps there’s still room for a consistent business with a clear identity.
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