Wolseley plc, UK-based distributor of plumbing and heating products and building materials, reported it would not sell Stock Building Supply but instead extensively restructure the U.S. building materials distributor.
The company will close 86 branches, bringing the number down to 209. It will be leaving 16 markets in six states, while leaving a presence in 27 states. And Stock will reduce headcount by 3,000. About 8,700 employees will remain. Stock has cut about 55% of its work force since 2006, its peak.
The 86 branches to be closed represent about 25% of Stock’s revenue and 28% of its headcount.
The decision comes after a six-month review of the business.
Chip Hornsby, Group Chief Executive of Wolseley, said: With the ongoing …
Stock Building Supply to Close 86 Branches
Wolseley plc, UK-based distributor of plumbing and heating products and building materials, reported it would not sell Stock Building Supply but instead extensively restructure the U.S. building materials distributor.
The company will close 86 branches, bringing the number down to 209. It will be leaving 16 markets in six states, while leaving a presence in 27 states. And Stock will reduce headcount by 3,000. About 8,700 employees will remain. Stock has cut about 55% of its work force since 2006, its peak.
The 86 branches to be closed represent about 25% of Stock’s revenue and 28% of its headcount.
The decision comes after a six-month review of the business.
Chip Hornsby, Group Chief Executive of Wolseley, said: With the ongoing …
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