Stock Building Supply makes bid for Arkansas firm
Posted February 26, 2010 8:41 a.m. EST
Stock is the “stalking horse” bidder for National Home Centers, which filed for bankruptcy in December. The firm provides building materials in Arkansas.
Stock did not disclose its offer.
Based in Springdale, Ark., National Home Centers operates 10 stores and employs some 500 people. However, it recently announced plans to close three stores by March, according to The Associated Press.
Under a stalking horse plan, Stock has priority in a bidding process for National Home Centers, retaining the right to top any other bids.
Stock said it plans to close on the transaction in April, assuming the offer receives approval in bankruptcy court..
Stock already operates in 19 markets but has downsized due to the recession and the sagging home building industry. The company is now owned by private equity firm The Gores Group.