After spending only two years in the role of GameStop’s CEO and President, Matthew Furlong was terminated on June 5th. The company’s Board of Directors did not cite a reason for the firing.
Since 2018, GameStop’s corporate office has seen several CEOs go, but most of them were resignations or people filling in the position temporarily. Even the person in the CEO position now, general counsel Mark Robinson, is most likely in the role for the interim.
We learned of the news via GameSpot, which also reminded us that Furlong was the one who tried to push GameStop into the NFT market. Considering the number of rug pulls and scams we’ve seen in the non-fungible token market, I wouldn’t be surprised if this brainfart of an idea was one of the reasons the CEO got the shaft.
Speaking of crypto, we attempted to see what became of this idea. However, GameStop’s NFT website does not appear to work as of the writing of this article. While the page loads, the creators’ images and available NFTs do not. We attempted viewing this on multiple browsers and via two different IP providers with no luck.
The Board’s decision may have negatively affected the value of the stock (GME), as it was down close to 20%, closing at around $21. The company’s value has yet to reclaim its January 2021 high of $81.25. Then again, the spike was caused mainly by Reddit users and was possibly more harmful than helpful for the gaming retailer.
Thankfully, we haven’t heard about further employee terminations within corporate or physical store locations since December. However, the brick-and-mortar stores are noticeably understaffed, at least for the dozen in my metro area.
I stopped in two GameStops that are literally across the street from each other and noticed there was only one employee at each. Said employees spent more time in the backroom than where the customers were browsing. However, like most of the other customers, I found nothing worth buying and left.
One thing I can commend some GameStop stores on is the removal of entire walls dedicated to Funko Pops. They don’t sell, forcing the stores to locate more interesting merchandise (expensive collector’s editions of games) either high up out of reach or behind the counter where customers cannot readily inspect them.
[Source: GameSpot] [Source: GameStop] [Source: Market Watch] [Source: PC Gamer]
ClownfishTV.com strives to be an apolitical, balanced and based pop culture news outlet. However, our contributors are entitled to their individual opinions. Author opinions expressed in this article do not necessarily reflect the views of our video hosts, other site contributors, site editors, affiliates, sponsors or advertisers. This website contains affiliate links to products. We may receive a commission for purchases made through these links. We disclaim products or services we have received for review purposes, as well as sponsored posts.