After years of behind-the-scenes manipulation, GameStop chairman, billionaire and Chewy founder Ryan Cohen on Thursday named himself CEO of the troubled video game retail store. In his first email to employees, Ryan Cohen called on everyone to "squeeze more and more" and said there would be no tolerance for "time wasters" as the company fights for survival.
"GameStop cannot continue to operate a loss-making business," Cohen told employees.
But in fact, he has actually controlled this retail store in the past few years. During this period, he promoted online delivery optimization, NFT, and the addition of products such as e-sports chairs and gaming TVs. However, under such promotion, GameStop still has not achieved profitability.
GameStop executives have been leaving recently, and earlier this year Cohen fired his hand-picked CEO Matt Furlong, making the company's future even more uncertain. GameStop conducted multiple layoffs last year and continued to reduce the number of employees in various stores.
Cohen's first email to employees after becoming boss conveyed a heavy and threatening tone. "The company must conduct a meticulous review of every expense and eliminate all waste," he wrote. "The company does not need agents and people who waste money. I expect everyone to treat the company's money like their own money and lead by example."
It's unclear where the company plans to continue cutting costs. The main problem facing GameStop is the change in the game retail industry from physical to digital. According to leaked information at the beginning of the month, Microsoft is likely to completely eliminate the optical drive in the console. GameStop's shelves are gradually being filled with more and more peripheral merchandise, but it still cannot make up for the losses caused by reduced sales of second-hand games.
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