These were the second such layoffs in the month of August. In June, GameStop sunset the ThinkGeek brand, merging the haven for geek-themed merchandise into the video game retailer's website. At that time, the company laid off its remaining ThinkGeek employees, a process that began in February 2018 when it shut down the Denver, Colorado location responsible for managing branded stores for Bethesda, BioWare, Eidos Montreal and more. On the earnings call, CEO George Sherman referred to the actions he and his new executive team have taken as "quick and deliberate." GameStop also reported asset impairment charges of more than $400 million. This type of expense is recorded when an asset's market value is lower than it is accounted for on the books. $364 million of that impairment charge was due to the rapid decline of the company's stock value.