Kelly-Moore Paints to close all stores

Kelly-Moore Paints, which was founded in San Carlos in 1946, is shutting down.

All the company's facilities (other than a distribution center in Union City) will be permanently closed effective immediately, including Kelly-Moore's manufacturing facility in Texas, and its retail stores," the company said in a press release.

In a news release Friday, the company said finances have been declining as it pays off decades of asbestos claims related to a series of long running lawsuits. Over 700 employees will be furloughed.

A distribution center in Union City will stay open so the company can fulfill its final orders. But all other facilities will be closing, including over 60 locations in the Bay Area.