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Stock Building Supply to lay off another 81 workers in Raleigh

Posted July 7, 2009

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— Stock Building Supply, which emerged from bankruptcy last week, is going lay off another 81 workers.

In a filing with the North Carolina Employment Security Commission, Stock said the layoffs are to be completed by Aug. 26.

As of early May, Stock employed some 1,400 people in North Carolina, including 930 in the Triangle. On May 15, Stock announced 2,000 job cuts nationwide.

On May 6, the Gores Group, a private equity firm based in California, purchased 51 percent ownership of Stock from Wolseley PLC. As part of the deal, Gores Group has poured $75 million into Stock. Gores also has provided a credit line of $150 million.

Wolseley decided to sell Stock as the new home building market in the U.S. melted last year.

Stock has slashed its workforce and closed numerous operations since filing for bankruptcy. It recently closed operations in Fayetteville and Wilmington.

As of early May, Stock employed some 1,400 people in North Carolina, including 930 in the Triangle. On May 15, Stock announced 2,000 job cuts nationwide.

The 19 markets where Stock plans to focus its efforts are:

• The Research Triangle
• Charlotte
• The Triad
• Greenville, S.C.
• Columbia, S.C.
• Atlanta
• Washington, D.C.
• Paradise, Pa.
• Austin, Texas
• Amarillo, Texas
• Houston, Texas
• Lubbock, Texas
• San Antonio, Texas
• Albuquerque, N.M.
• Salt Lake City and southern, Utah
• Spokane, Wash. and northern Idaho
• Los Angeles

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