Stock: A Casualty of the Housing Crisis
Product DetailsStock Building Supply's Ch. 11 bankruptcy protection filing was a picture of what many in its sector have gone through since the housing market has fallen from its peak nearly four years ago.
Stock Building Supply's filing in support of bankruptcy protection outlines UK-based Wolseley's decision to exit the struggling Raleigh, NC-based building materials distributor. In its fiscal year ended July 31, 2008, Stock recorded a $744 million loss. It had $3.5 billion in sales. The distributor filed for Ch. 11 bankruptcy protection May 6, 2009.
James Major, vice president, finance and strategic planning, wrote that single-family housing starts had dropped by more than 80 percent since their peak in 2005. In addition, declining lumber and panel ...