Stock Building Supply announces more job cuts
Posted May 15, 2009 5:14 p.m. EDT
Raleigh, N.C. — Stock Building Supply Holdings will close some stores and cut 2,000 jobs nationwide, a spokeswoman said Friday.
The Gores Group, a private equity firm based in California, purchased 51 percent ownership of Raleigh-based Stock earlier this month. United Kingdom-based Wolseley Group owns the other 49 percent of the company, one of the world’s largest home building supply providers.
“Stock will be closing stores in select under-performing markets in order to focus on those markets with the strongest prospects for growth. We're making these difficult decisions now to ensure Stock is well-positioned for the housing market upturn,” a statement released Friday said.
Stock employs some 1,400 people in North Carolina, including 930 in the Triangle. The cuts announced Friday are the latest in a series the company has made as the U.S. economy slowed and the housing market crashed.