Raleigh-based Stock Building Supply said Thursday it will restructure of the business, which includes the decision to close 86 facilities and lay off about 3,000 employees.

The company said the changes will "minimally impact the Triangle" office, which employes 1,100 people work at the Raleigh office. Details about where the cuts will come from have not yet been released.

The changes are a result of the fundamental review of the business which parent company Wolseley announced on Sept. 22. Stock Building Supply is a leading supplier of building materials to professional home builders and contractors in the United States with reported sales of $3.5 billion for the fiscal year 2008.

Stock President Joe Appelmann said the move is a result of changing economic times. 

"There is over capacity in an industry geared up to supply 2.3 million new housing starts two years ago; today the number is less than 1 million. The realities of the current market have changed the capacity of our industry and necessitated these actions," he said.

In addressing how specific markets and states were evaluated, Appelmann said, "We have redefined our size and scale relative to the current market and have selected the footprint that will bring us out of the downturn more quickly than others."

Appelmann said the company does not plan to simply cut losses.

"If that were so, you wouldn't see our commitment to markets such as Florida where our current losses are hurting us. Florida, for example, has great potential for rebounding and we will be there to take advantage of the upswing," he said.

Appelmann said more details about the restructuring will be released in the coming days.

Stock is part of Wolseley plc, the world's largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials in North America, the UK and Continental Europe. Group revenues for the year ended July 31, 2008, were approximately $33.1 billion. Wolseley has approximately 74,000 employees operating in 27 countries. Wolseley is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies.