GameStop to close 250 stores and open 60 to 70 new stores in 2013

GameStop will close 250 stores this year but will open 60 to 70 new stores in the same period, CFO Rob Lloyd revealed during the Goldman Sachs Technology and Internet Conference recently.

Of the 250, 200 stores will close in the U.S. with the remainder in the international market.

GameStop will make more money by closing unprofitable and marginally profitable stores and moving customers to other nearby stores, according to Lloyd.

"We've been successful at that for two years and we will continue to do that program in 2013," he said.

In addition to the 60 to 70 new stores, GameStop is pursuing the purchase of 40 former Game stores in France. Overall, GameStop expects to have a net reduction of two percent in 2013.

In its Q3 earnings call in November, 2012, the retailer had originally forecasted 200 store closures for 2013.

The GameStop store closure announcement comes just a week after reports that HMV will close up to 66 of its stores.