GameStop to close 250 stores in 2013

GameStop plans to close 250 stores in 2013, company chief financial officer Rob Lloyd said today during a presentation at the Goldman Sachs Technology and Internet Conference in San Francisco, California.

In addition, the company will open 60 to 70 stores during the year, he said, which is fewer than the company created in 2012.

Lloyd also revealed that GameStop will acquire 40 former GAME locations in France, following the retailer's bankruptcy last year.

"We're using our PowerUp Rewards database to help customers move from stores that we want to close to other nearby stores," Lloyd said. "And closing 250 stores enables us to deal with the very small percentage of stores that are unprofitable, but also to close marginally profitable stores and actually make more money by moving customers to other nearby stores."

Between opening, shuttering, and acquiring stores, Lloyd said GameStop's total worldwide square footage will be reduced by 2 percent.