After 2 Years, GameStop Fires CEO Matthew Furlong

As the largest video game shop, GameStop, continues to lose money, it appears to be going through one of its roughest periods ever. When it comes to purchasing actual copies of video games, many people have come to rely on GameStop stores.

The future of GameStop does not look better after one of its senior executives was recently let go.

GameStop announced on Wednesday that CEO Matthew Furlong would be leaving the company on June 5. An 8-K filing with the US Securities and Exchange Commission showed that Furlong’s contract had a 24-month termination agreement; the cause for the termination was not disclosed.

Ryan Cohen, who tweeted the aforementioned message shortly after the news broke, has been promoted to the position of executive chairman. The company’s GM position has been filled by Mark Robinson.

In June of 2022, Furlong oversaw the introduction of GameStop’s NFT marketplace. Additionally, the firm helped out blockchain games NFTs on the Web3 platform ImmutableX.

GameStop saw a 10% drop in sales for the first quarter ending April 29. Its revenues in the United States fell by 16%, from $995 million to $832 million. In sum, the business lost $300,000,000 last year.

There have been multiple changes in leadership, but the corporation still hasn’t turned things around. They can’t rely entirely on physically demanding games. It’s unclear what GameStop intends to do after closing 800 locations in 2019 and threatening to close even more since 2020.