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Wolseley Plc, the British-based parent of America's Stock Building Supply, confirmed March 5 it is considering a rights issue to raise what press reports said could be as much as $1.7 billion--an initiative that some analysts say might not be enough to save the company without also closing Stock. Meanwhile, some Stock employees in the U.S. have written ProSales, coming to their company's defense.
Unless banks ease their lending covenants, Britain's Wolseley Plc will need to close Stock Building Supply, America's No. 2 LBM operation, if it hopes to survive, the investment firm Goldman Sachs said.