GameStop shares slipped on Friday, after the video game retailer fired its CFO, Michael Recupero, amid reports of wider staffing cuts. This comes less than 24 hours of its announcing a four-for-one stock split.
According to a Securities & Exchange Commission filing, GameStop’s chief accounting officer, Diana Saadeh-Jajeh, will replace Recupero. Meanwhile, Axios reported that the company is set to lay off a large but undetermined number of staff.
GameStop is aiming to transition from depending on brick-and-mortar sales to enhancing its online presence. The group’s revenues for the three months ending in April climbed +8.1% year-over-year to $1.38 billion, with around half of that total generated by its digital channels.
The company reaffirmed it plans to launch a market for NFTs, or non-fungible tokens, related to its video game products, following a partnership earlier this year with Australian blockchain startup ImmutableX. According to GameStop, it booked $76.9 million in digital asset sales from the IMX collaboration.
GameStop is planning a four-for-one stock split, to take effect on July 22. Shareholders will receive a three-stock dividend for each share owned after the close of trading on July 21.