American Security Distribution, an alarm equipment distributor that at one time generated $100 million in annual revenues, is under Chapter 11 bankruptcy protection.
The company plans to liquidate its assets and close its doors by mid-February 2000, according to Kenneth C. Cleveland, president and CEO.
“The company was overburdened with debt accumulated through the years. It was not able to generate sufficient profit to service the debt,” says Cleveland. In 1998, he says American Security had $50 million in revenues, but lost $15 million.