GameStop Corp. has laid off more than 120 employees.
According to The Hollywood Reporter, the layoffs represent "approximately 14%" of the corporation's associate base at its headquarters and also includes "some other offices."
The gaming company, which owns the retail chain GameStop and the monthly gaming magazine Game Informer, released the following statement in relation to the layoffs:
As part of the previously announced GameStop Reboot initiative to transform our business for the future and improve our financial performance, we can confirm a workforce reduction was implemented impacting more than 120 corporate staff positions, representing approximately 14% of our total associate base at our company headquarters as well as at some other offices.
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.
This is not the first wave of layoffs to hit GameStop. Earlier this month, 50 regional leaders were let go as part of a "realignment strategy," according to IGN.
The firings come at a time when GameStop is suffering major financial losses. The company reportedly lost close to half a billion dollars in the last fiscal quarter and has also undergone numerous leadership changes over the last two years.