Crisis: Plumbing trade hit as Wolseley sheds 3,000 jobs

Wolseley Plc, the biggest global distributor of plumbing equipment, will have to lay-off 3,000 employees in the US based stock building supply after an attempted disposal failed.

Wolseley will close 86 branches and remove its self from Louisiana altogether due to the housing slump that’s taken over America. Wolseley, who originated in England said that “the revamp will reduce the total workforce by about 4 percent, at a cost of $225 million to be booked by Jan. 31”. The firm also cut 7,000 jobs last year.

The plumbing giant’s loss of $246 million in its 2008 fiscal prompted Wolseley to make the changes.

Full article: Bloomberg