Leading games retailer GameStop has confirmed laying off more than 120 corporate employees, almost 14 percent of the total workforce at its company headquarters.

This also includes several senior editorial staff at its print and digital publication Games Informer.

The GameStop news says the Grapevine, Texas headquartered company’s layoffs are part of its GameStop Reboot initiative.

The restructuring exercise, according to the company, aims to transform the business for the future and improve financial performance.

Noting that changes are difficult yet necessary to “reduce costs and better align the organization, the company said it is looking to optimize the business to meet “future objectives and success factors.”

Adjusting to new market dynamics after losses

GameStop has been a big name in the retail space of physical video game sales associated with hot selling products like Nintendo switch bundle.

But the market has been changing and shifting towards digital sales affecting the company’s business growth adversely.

The aggression of digital players like Steam has added the pressure as they eat into its market shares.

But the company is making a determined effort to assert its space in the retail market.

In the reboot exercise, GameStop is aiming to adjust to a shifting retail landscape. The stores are being redesigned to provide “unique experiences” with the focus shifting to live events and retro games.

Buzz on social media

The layoffs in Game Informer gained more attention on social media.

The layoffs affected roughly half of the staff.

Imran Khan, senior editor of the Minneapolis-based publication announced his job loss on Twitter.

The Managing Editor position was also affected. Seven writers also lost jobs.

Outgoing managing editor Matt Bertz tweeted that “today GameStop informed me that I don’t work at Game Informer anymore. I was very proud to manage and work alongside that incredible team of editors, designers, writers, podcasters, programmers, videographers, and gamers.”

Other staff, including Elise Favis, Kyle Hilliard, Jeff Marchiafava and Suriel Vazquez also took to Twitter to reveal their job loss.

Even those who retained the job appeared on Twitter to share the agony of missing friends and colleagues.

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The GameStop video game store in Middletown DE on July 26, 2019. JIM WATSON/AFP/Getty Images

“I lost half of my family today,” Features editor Kimberley Wallace tweeted.

“My job is okay, but please think of the talented people I worked with who were let go for writing opportunities and open positions,” Wallace added.

Falling stock and consecutive losses

In the stock market, GameStop had been facing the pressure of retreating investors. The GameStop stock went below $4 in August. The stock was down 74 percent since the start of this year.

GameStop also faced consecutive losses; it suffered nearly a half a billion dollars’ worth losses in 2018 and efforts to sell the company also did not work out.