Stock Building Supply is likely to close, but another lumber yard may take its Richmondville location soon.
The expected closing is part of a financial restructuring of the nationwide firm, which was recently purchased.
Stock and a public relations firm were tight-lipped about store closures, but one employee––not in Richmondville––said Stock stores in Oneonta, Duanesburg, Roxbury, Sidney and Walton may close.
Stock is in voluntary Chapter 11 bankruptcy proceedings. The company also announced that The Gores Group purchased 51 percent of Stock’s stock from Wolseley PLC on May 6.
As a result of the purchase and restructuring, “Stock will be exiting or closing stores in select under-performing markets in order to focus” on stronger areas, according to Brunswick Group, a public relations firm handling media questions.
“Exiting,” the PR spokesman said, means selling.
The Brunswick spokesman refused to identify the locations before telling Stock staffers, but the employee confirmed that the six regional locations, including Richmondville, are likely to close.
But a second employee, also not in Richmondville, said there “was a decent chance” a buyer could be found for the Richmondville lumberyard and it would continue business.
“I would hope we’d have some good news for you in a week or so,” the second employee said.
“We want to make sure no area goes unserved.”
Presumably the eight employees at the Richmondville yard would stay under the new owner.