Protection One is moving its headquarters from Topeka, Kan., to a 15,000 square-foot former outlet mall in Lawrence, Kan. The security monitoring company’s Topeka offices were located within former owner Westar Energy Inc.’s headquarters. In February, Westar sold its stake in Protection One in an effort to reduce debt and restructure its business into a pure utility.
Protection One President Richard Ginsburg told the Associated Press that Topeka officials offered financial incentives to stay, but the offer didn’t meet the company’s needs.
The 24-mile move is expected to be complete by late November or early December, and 65 jobs will move to Lawrence, with 15 other employees expected to be added in the coming years.
A Topeka branch office will be maintained, but much of the company’s top management, including finance, human resources and marketing, will be based in Lawrence, AP reports.
Boasting 1.1 million customers, Protection One has 2,300 employees and is ranked third in the industry behind ADT and Brink’s Home Security. Last year, the company, with debts of $500 million, had a loss of $34 million on declining sales of $277 million.
Earlier this year, in a filing with the Securities and Exchange Commission (SEC), Protection One said it was considering a restructuring plan that included, among its options, filing for Chapter 11 bankruptcy.
“I’m optimistic,” Ginsburg told AP. “The last chapter in this ordeal is dealing with our debt. The security industry is a good sector of the economy. We’re very bullish on the industry.”
