Stock Watch
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From PROSALES, by Craig Webb–Stock Building Supply’s business is a shadow of what it was about 24 months ago, and so the company’s new private equity majority owner the Gores Group wants to make its costs a shadow of what they once were.
With an assist from a Delaware bankruptcy court decision, Gores will get satisfaction on one of its key conditions in its distress-sale purchase of Stock from UK-based Wolseley Plc. A judge approved termination of more than 200 leases Stock had contracted for during its run-up years, 2005-to-2007, a move tantamount to cramming down what Stock would have had to pay to maintain the leases.
ProSales magazine editor Craig Webb has Stock coverage of the judge’s resolution, as well as analysis of Wolseley financials for Stock operations for the latest reporting period.
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