GameStop's chief executive is taking a 50% pay cut as part of a pay raise for the company as it prepares to reopen stores in other states, the company announced today.
"The company has begun the process of reopening stores in Italy, Germany, Austria as well as South America and Georgia and is preparing to open locally and internationally in the coming weeks," GameStop write a business review
The sporting goods retailer has also announced that its manager, George Sherman, will take a "50% reduction in salaries". A whole bunch of integrated leadership, including CFO Jim Bell, will take 30% of the cuts while GameStop's board of directors, since last month including former Nintendo American president Reggie Fils-Aimé, has taken 50% of the cuts.
But the cuts are not limited to the management team. "As of April 26, some workers at some companies operating globally will receive an interim wage of between 10% and 30%," the organization wrote. Other ways to save money mentioned include the choice of temporary furloughs or the weekly reduction of “sponsored staff,” new inventions, and the delay in paying taxes on certain rentals.
The company from the beginning closed all its U.S. stores back on March 22 during the ongoing covid-19 epidemic, but only after government uploads to several provinces approved the all businesses are insignificant close and report to many GameStop store employees that the company was not providing proper sanitation and was not prepared for the rate of eruption.
After last season GameStop announced plans to close in more than 300 stores this year.