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October 2, 2023 : GameStop CEO Ryan Cohen has called for “extreme frugality” from employees to ensure the company’s survival. In an internal memo obtained by The Wall Street Journal, Cohen said that GameStop is facing “existential challenges” and that employees need to make sacrifices to turn the company around.
Cohen specifically mentioned reducing travel expenses, cutting back on unnecessary spending, and being more mindful of resource usage. He also said that GameStop needs to be more “lean and mean” to compete with larger retailers.
Cohen’s memo comes as GameStop struggles to compete with online retailers and brick-and-mortar stores. The company has also been facing declining sales and profits in recent years.
Some analysts believe Cohen’s call for “extreme frugality” is necessary to ensure GameStop’s survival. They say the company needs to reduce costs and focus on its core business to compete in the current retail environment.
Other analysts are more critical of Cohen’s memo. They say that his call for austerity will likely demoralize employees and make it difficult for GameStop to attract and retain top talent. They also say that GameStop needs to invest in new technologies and improve its customer service to compete effectively.
Only time will tell whether Cohen’s call for “extreme frugality” will be successful. However, it is clear that GameStop is facing a number of challenges and that employees need to be prepared to make sacrifices to help the company survive.
GameStop CEO Ryan Cohen has called for “extreme frugality” from employees to ensure the company’s survival. Analysts are divided on whether this approach is necessary or advisable. Only time will tell whether Cohen’s strategy will be successful.
