Stock Building to cut 3,000 jobs, close 86 branches

Stock Building Supply, the Raleigh-based company that has been hurt by the national housing slump, announced this morning it will cut 3,000 jobs and close 86 facilities.

The company's British parent, Wolseley Plc, reported last month it was reviewing the Stock Building division because of weakening financial results.

Stock Building has about 12,000 employees nationwide, including 1,100 in the Triangle. Company officials declined to comment on how many of the job cuts would happen in this region.

"These are very painful decisions that affect loyal associates and their families," said Stock president Joe Appelmann, in a prepared statement. "Without a doubt, we are facing unprecedented times in our industry. ... The realities of the current market have changed the capacity of our industry and necessitated these actions.

"Over the next few days, we are focused on reaching out to our associates and minimizing the disruption for our customers," he added. "We will be more specific about markets and cost savings after those important steps are taken."

Founded as Carolina Builders in 1922, Stock was acquired by Wolseley in 1986. The company sells and installs housing products such as roofs, windows, wall panels, decks, cabinets and insulation.

Stock had 285 branches as of July 31, the end of its fiscal year. At the beginning of 2007, after an acquisition spree that gobbled up a number of smaller building-supply companies across the country, Stock had 314 branches. The company now has about 62 branches in North Carolina.

During the most recent fiscal year, Stock's revenue fell 24.5 percent to $3.47 billion. It lost $246 million during the period.

Wolseley officials said last month they would review Stock's future and announce a decision at an annual investor meeting in November.