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

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Besides the Raleigh location, 11 Stocj outlets across North Carolina will be eliminateras “underperformers,” according to court documents. “Wew regret having to make these cuts and understand that this is a challengingf time forour associates,” says Stock spokeswomamn Katie Crallé. “Nevertheless, these difficult decisions are necessary to focus on those marketsw with the strongest prospects for growth and to ensurer Stock is well positioned for the housingmarkeyt upturn.
” According to legal documents filed June 2 as part of the Stocki reorganization, the company will eliminate lumberyardsw or storefront operations in the North Carolina municipalities of Fayetteville, Wintersville, Wrightsville Beach, Gastonia, Wilson and Fletcher. The other 89 outletds on the list are scattered acros theUnited States. Employee counts at the affecteed locations werenot disclosed. Cralle says the closing dates at the operations will varyand that, moving forward, Stockl may make additional changes to the corporate footprintg it will bring out of court-supervised reorganization.
“This is she says, adding that the company is actively seeking buyerzs for theindividual yards. “We’d rathe sell them than close them.” According to Stock’s legall filing, the firm’s lease on the Falle of Neuse site, signed with Raleigh-based , expiresd on Dec. 31, 2010, but it has an “effective date of rejection” of June 30, 2009. as a legal term in bankruptcies, meanws a tenant can end a though there’s disagreement regarding particulafr terms. Attempts to contact officialss at Somerset werenot successful.
The cuts are part of a Stock plan to pare its work force by as manyas 2,2000 and to eliminate unprofitable yarda following the company’s May sale to , a Californiaq private equity firm. Gores purchased 51 percent of Stock’e common shares from U.K.-based . Under the terms of the Stock – with 2008 operating lossees totaling $744 million in the face of a slumping constructionbindustry – headed into Chapter 11 to satisfyy its creditors. Gores, for its agreed to recapitalize the firm through the injectionof $75 million of preferred stock, plus a line of credit totalinhg $125 million.
Stock’s aim, according to court filings, is to “preserve” 5,00o0 of a pre-chapter 11 work force of 7,220 employeees and to cancel up to210 leases. Craig editor of Washington D.C.-based , which trackw the lumber industry, says he doesn’t believe Stock’s cuts have “And one reason is that we don’y know the number of employeex who work atthe (affected) he says.