Building-materials supplier to close in Franklin

The IBJ

Raleigh, N.C.-based Stock Building Supply Holdings LLC notified the Indiana Department of Workforce Development yesterday that it will close its Franklin location, leaving 85 employees jobless.

The troubled supplier of building materials said the store on North Morton Street should close July 12. The company has 200 locations in 27 states, including three others in Indiana. Two are in Indianapolis and one in Sellersburg, north of Louisville.

Stock Building Supply was formed in 1986 by London-based Wolseley PLC's purchase of Carolina Builders. Revenue hit $5.3 billion in 2006 but slid 33 percent last year, as continuing declines in new-home construction battered sales.

The company in October announced a restructuring of the business that included the closing of 86 stores and a reduction of about 3,000 employees.

Last month, Stock Building Supply said 51 percent of the company had been acquired by an affiliate of The Gores Group, a private-equity firm in Los Angeles.

As part of the deal, Stock Building Supply entered Chapter 11 bankruptcy reorganization.