ELS Buyout of Thousand Trails to Cost 144 Jobs
Thousand Trails LP expects to eliminate 144 positions at its Frisco, Texas, headquarters when a planned sale of the company to Equity LifeStyle Properties Inc. (ELS) is complete, the company said in a letter to the Texas Workforce Commission.
The Frisco-based operator of RV camping and outdoor preserve communities says an additional 97 employees working off-site will lose their jobs, bringing the total staff reduction to 241 employees, according to the Dallas Business Journal. Most of the positions are tied to administrative functions at the company’s Frisco headquarters.
Chicago-based real estate investment trust ELS revealed on July 14 that it had begun negotiations to acquire Thousand Trails from its parent company, Privileged Access. Privileged Access is owned by Joe McAdams, president of ELS.
In May 2002, Thousand Trails was awarded $125,000 in cash incentives from the city of Frisco, for moving its headquarters and 100 jobs to Parkwood Office Center in Frisco. The company says the staff reductions will take place on or around Sept. 24.