Dallas, Texas-based Builders FirstSource, engineered lumber, millwork, and building supplies vendor to industrial, commercial, and residential markets, has announced a major reduction in force that can be attributed to the decline in new construction in a challenging market of inflationary prices, rising interest rates, and the unavailability of affordable mortgages.
The reduction in force will impact 2,600 employees nationwide.
According to statements by company officials, “Given the challenging market environment, we’ve had to take a deep look into our business and make some difficult decisions in order to continue ensuring the company is positioned for long-term growth. We believe the steps we have taken to right-size the business at this point will allow us to weather the decline in housing starts while effectively serving our shareholders, customers, and our team members.”
"The company has reduced redundant facilities in some smaller markets where it had multiple locations, but the moves will not reduce manufacturing capacity."
“This work is never easy, and these are difficult decisions with respect to our respective team members, but we must be responsive to the market deceleration and best position the company to navigate this environment. We are proactively managing the downturn, and we are prepared to act decisively to protect and resize the business as necessary. The majority of the layoffs were temporary positions.
"We are confident in our ability to navigate through any market environment, and we will remain proactive in implementing our downturn playbook to streamline costs and stay close to our customers and supply partners.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?