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Over 50 'field leaders' laid off at GameStop due to ongoing cost-cutting

U.S. video game retailer GameStop has laid off over 50 'field leaders,' which includes regional managers, district managers, HR staff, and loss prevention managers.

U.S. video game retailer GameStop has laid off over 50 'field leaders,' which includes regional managers, district managers, HR staff, and loss prevention managers. 

An internal emailed leaked on Twitter confirmed the news, with the company explaining the move is part of its ongoing 'GameStop Reboot' transformation initiative. 

The struggling retailer is currently attempting to reduce its cost structure and streamline its business so it can free up cash for reinvestment. 

"Unfortunately, with these changes, there are more than 50 field leaders who have been impacted and will be leaving the GameStop team. This includes regional, district HR, and LP leaders. These leaders will be missed and we wish them success in their future endeavors." reads the email.

"These decisions are not easy, but necessary to help us reduce costs to enable investment in revenue-driving initiatives that will help grow the business once again."

It's the latest in a series of bad news days for the company, which back in June saw its share price hit a 16-year low after disappointing quarterly results due to declining hardware and software sales.

Prior the that, GameStop COO and CFO Rob Lloyd stepped down during an executive reshuffle, and the company also closed down its ThinkGeek website in another bid to reduce costs.

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