Stock Cuts Another 1,500 Workers

Stock Building Supply has announced another round of layoffs—this time 1,500 positions—coming at the hands of a sluggish housing market, the company reports. The building materials supplier had already cut 2,000 jobs in November, citing depressed sales and profits.

The pro dealer’s parent company, Wolseley plc, announced it is closing 22 Stock branches and eliminating 500 positions in its plumbing division headquartered in Virginia.

In all, Stock has about 16,000 employees in 34 states. Most of the workers laid off in this latest round were not permanent positions, the company states.

"We’ve responded swiftly to the challenging market conditions as a significant amount of our business is in residential construction,” says Jim Major, vice president of finance. “As always, we will continue to focus on increasing our long-term profitability. We do not anticipate making any further cuts but will continue to monitor market conditions.”

Wolseley has about 80,000 employees in 27 countries.

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