GameStop fell 6.4% on Friday after the company announced that it had fired its CEO and was preparing to let go of many other employees.

The move comes after GameStop announced it was splitting its stock by a 4-to-1 ratio for shareholders of record on July 15.

What happened while I was AFK?

Since the video game industry is inexorably moving to an online and digital environment, the video game retailer is undergoing a transformation of its business.

Since their intent to enter the crypto market with an NFT wallet and marketplace was hit by the crypto collapse, no new plans have been canceled.

The CEO of the company, Matt Furlong, told employees in an internal memo seen by Bloomberg that “everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results.”

Bloomberg reports that CFO Mike Recupero was fired because he was “not hands-on enough” and acted “like GameStop had become Amazon.”, perhaps an allusion to chairman Ryan Cohen’s assertion that GameStop was “the Amazon of gaming.”

Do I really need this game?

Video game retailer GameStop is now paring back some of the gains it made on its stock split announcement, which investors have been waiting for since March, when it increased its share count from 300 million to 1 billion.