GameStop Latest Company to Conduct Mass Layoffs

UTC by Sanaa Sharma · 2 min read
GameStop Latest Company to Conduct Mass Layoffs
Photo: Focal Foto / Flickr

Several ex-employees have shared their ordeals on social media/ LinkedIn, including one Blockchain and iOS engineer Brandon Jenniges, who has also been affected by the company’s layoff.

GameStop, which is an American video game retailer, has fired a significant number of employees before its upcoming earnings report, according to social media posts of the involved company members. The team working on the firm’s crypto wallet was effectively hit hard. Daniel Williams, GameStop’s Lead Software Engineer has also confirmed the massive round of layoffs at GameStop presently in action. However, the company’s official statement is yet to come out.

Several ex-employees have shared their ordeals on social media/LinkedIn, including one Blockchain and iOS engineer Brandon Jenniges, who has also been affected by the company’s layoff. GameStop inaugurated an NFT marketplace this year that specifically targets the Ethereum environment, especially on the Immutable X sidechain. In May, the firm revealed the launch of its own Ethereum wallet, a browser-based plugin akin to MetaMask. 

Ethan Gach, a senior reporter at gaming publication Kotaku posted later that GameStop Chief Executive Officer Matt Furlong confirmed mass layoff in an email to employees. 

According to Furlong’s email, the company is trying to ascertain the right number of corporate employees required to earn profitability and development goals. 

According to the tech industry, more than two hundred tech and finance firms have slashed the number of employees since the start of November. More than ten percent of the firms listed were associated with the crypto industry. Moreover, it is reported that nine-hundred sixteen tech firms fired employees in 2022 and 144,554 employees’ livelihoods have been affected. As disclosed earlier, Bybit is the latest crypto company to slash down its staff this week. 

News of the latest layoff was initially reported by Axios, which stated the community of GameStop’s blockchain wallet was the most affected. Many software engineers and staff in the e-commerce department have posted on LinkedIn describing how they were fired from the firm. Furlong, in his email, refrained from specifying the extent of the layoffs, which instead made cryptic relation to several “headcount reductions” across several teams. 

Additionally, the CEO explained in the mail that the latest completion of a few projects was part of the initial phase of transformation and allowed the enterprise to function with enhanced efficiency. Furlong also called this approach a more proactive but difficult decision to fire people in part of the increasing inflation and weakened customer confidence in the difficult job market. 

Business News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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