GameCease Announces Layoffs, CFO Fired
GameCease has announced that it’s going to lay off “a number of employees” because it strives for “sustained profitability. One of the layoffs contains the corporate’s Chief Financial Officer Mike Recupero. In addition to cuts at GameCease, the corporate additionally introduced that workers at its publication Game Informer will likely be laid off.
GameCease CEO Matt Furlong revealed in a memo that the cuts are aimed toward lowering prices and shifting towards an “intense owner’s mentality” for the failing-business-turned-meme-stock which implies an organization whose shares have been pushed by a lot of particular person traders betting on a battered inventory. In early 2021, a gaggle of traders lifted GameCease’s shares practically 2,500%. Then, they gave again most of these features within the subsequent weeks.
“After making more than 600 corporate hires in 2021 and the first half of 2022, we have a stronger understanding of our transformation needs,” stated Furlong within the memo. “This has positioned us to right-size headcount across several corporate departments.”
According to latest job studies from the Labor Department, general firings and layoffs have dropped to report low ranges. The deliberate job cuts are a part of a rising pattern of staffing cuts at firms. Employers have scrambled to seek out the employees they should fill job openings.
GameCease has revealed that it’s investing closely into the blockchain and NFTs. In the inner memo, Furlong talked about the way it’s going to be a primary focus for the corporate going ahead. “Change will be a constant as we evolve our commerce business and launch new products through our blockchain group…,” Furlong stated. “These changes will enable us to operate in a profitable manner as we execute against our strategy of pursuing sales growth in our commerce business and launching new products that empower customers within the digital asset and web3 gaming verticals.”
“Everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results,” Furlong wrote within the memo.