As part of its filing for Ch. 11 bankruptcy protection, Raleigh, NC-based Stock Building Supply will slash an additional 2,220 jobs and close more locations. According to a court filing, the distributor will reject 210 leases where the company has already ceased or plans to cease operations. That number could grow.
In its fiscal year ended July 31, 2008, Stock recorded a $744 million loss. It had $3.5 billion in sales. The distributor filed for Ch. 11 bankruptcy protection May 6, 2009.
The company reported in its filing that it will retain 5,000 jobs, down from 7,220 who are currently employed.
"Without the restructuring and relief provided by the Plan and the additional investments into the business, Stock likely faces a liquidation, which …
Stock Bankruptcy Filing: More Layoffs and Closures to Come
As part of its filing for Ch. 11 bankruptcy protection, Raleigh, NC-based Stock Building Supply will slash an additional 2,220 jobs and close more locations. According to a court filing, the distributor will reject 210 leases where the company has already ceased or plans to cease operations. That number could grow.
In its fiscal year ended July 31, 2008, Stock recorded a $744 million loss. It had $3.5 billion in sales. The distributor filed for Ch. 11 bankruptcy protection May 6, 2009.
The company reported in its filing that it will retain 5,000 jobs, down from 7,220 who are currently employed.
"Without the restructuring and relief provided by the Plan and the additional investments into the business, Stock likely faces a liquidation, which …
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