GameStop Corp. Lays Off Over 120 Employees

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One of the more negative aspects to actually happen and be discussed within the gaming industry in recent memory is in regards to layoffs. We've seen some of the biggest companies layoff portions of their staff and we have even seen entire studios shut down seemingly without warning. That said, it has officially been revealed that GameStop Corp., the parent company of the retail chain with the same name as well as popular gaming magazine Game Informer, has laid off over 120 employees, which represented "approximately 14 percent" of its total associate base at the company's headquarters and "some other offices."

In a statement to The Hollywood Reporter, a GameStop spokesperson said, "While these changes are difficult, they were necessary to reduce costs and better align the organization with our efforts to optimize the business to meet our future objectives and success factors. We recognize that this is a difficult day for our company and particularly for those associates impacted. We appreciate their dedication and service to GameStop and are committed to supporting them during this time of transition."

It was revealed back in June that GameStop's share prices were at their lowest since 2003, which was when they were still part of Barnes & Noble. Before this, GameStop had brought on George Sherman as the company's new CEO, which was the fifth time leadership changed in the span of two years. Since then, many things have been discussed in regards to changing up the stores themselves, with ThinkGeek even "moving in."

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Writers and editors from Game Informer began taking to Twitter on Tuesday morning to tweet about the news that some of them had indeed been laid off. The magazine has been owned by GameStop Corp. since 2000 and has had a circulation of over 7.5 million readers as of 2017. It's unclear what the future holds, but here's to hoping those affected by these layoffs are able to land on their feet and find new work quickly.

What do you think about all of this? What do you believe it means for the future of GameStop Corp., or even Game Informer itself? Sound off in the comment section below, or feel free to hit me up over on Twitter @anarkE7.