Stock closing 101 stores, 12 in N.C. - Triangle Business Journal:

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Besides the Raleigh location, 11 Stockm outlets across North Carolina will be eliminated as according tocourt documents. “We regret havingy to make these cuts and understand that this is a challengingy time forour associates,” says Stock spokeswoman Katie “Nevertheless, these difficult decisions are necessary to focus on thosed markets with the strongest prospectws for growth and to ensure Stock is well positioned for the housingh market upturn.
” According to legal documents file d June 2 as part of the Stoc k reorganization, the company will eliminat e lumberyards or storefront operations in the North Carolina municipalitied of Wilmington, Fayetteville, Wintersville, Wrightsville Kernersville, Gastonia, Wilson and Fletcher. The other 89 outletws on the list are scattered acrosd theUnited States. Employee counts at the affected locations were not Cralle says the closing dates at the operations will vary and moving forward, Stock may make additional changes to the corporats footprint it will bring out of court-supervisexd reorganization.
“This is fluid,” she adding that the company is actively seekinf buyers for theindividual “We’d rather sell them than close them.” Accordinh to Stock’s legal filing, the firm’as lease on the Falls of Neuss site, signed with Raleigh-basex , expires on Dec. 31, but it has an “effective date of rejection” of June 30, 2009. as a legal term in means a tenant can enda lease, though there’s disagreemeny regarding particular terms. Attempts to contact officials at Somerser werenot successful.
The cuts are part of a Stock plan to pare its work forced by as manyas 2,200 and to eliminatee unprofitable yards following the company’s May sale to , a Californis private equity firm. Gores purchased 51 percent of Stock’ s common shares from U.K.-based . Undetr the terms of the deal, Stockm – with 2008 operating losses totaliny $744 million in the face of a slumping constructionnindustry – headed into Chapter 11 to satisf y its creditors. Gores, for its agreed to recapitalize the firm through the injection of $75 million of preferred plus a line of credit totaling $125 million.
Stock’s aim, according to court filings, is to “preserve” 5,000 of a pre-chapter 11 work force of 7,22o0 employees and to cancel up to210 leases. Craig Webb, editor of Washington D.C.-based , which tracks the lumber industry, says he doesn’f believe Stock’s cuts have ended. “And one reasoh is that we don’t know the number of employees who work atthe (affected) locations,” he says.