US EditionMarriott Terminates Licensing Agreement with Sonder
Sonder Holdings will liquidate its US business after Marriott ended their partnership, causing a substantial loss in working capital and disrupting traveler bookings, the CEO said.
- In a Monday press release, Sonder Holdings said it will file a Chapter 7 liquidation of its US business and initiate insolvency proceedings in other countries.
- Marriott International abruptly ended its booking collaboration, which preceded Sonder Holdings' decision to wind down US operations.
- Janice Sears, Sonder's interim CEO, said unexpected challenges caused a substantial loss in working capital and declared, `We are devastated to reach a point where a liquidation is the only viable path forward.`
- David Klingbeil said he received an email on Sunday telling him to vacate Sonder Flatiron by 8 a.m. on Monday, while Sonder shares plunged 60% to $0.20 per share.
- Sonder said financial losses linked to the Marriott collaboration left it unable to continue, and having explored alternatives, the firm concluded it must wind down immediately.
12 Articles
12 Articles
Airbnb rival Sonder Holdings to file for bankruptcy
JW Marriott Residences at Reston StationBenjamin C Tankersley/For The Washington PostSonder Holdings will liquidate its US business and file for bankruptcy protection.The move follows Marriott's move to end its partnership, disrupting travelers' bookings with Sonder.Sonder's CEO cited unexpected challenges and financial losses from the failed Marriott collab.Short-term rental firm Sonder Holdings said it will wind down its US operations after ho…
Marriott and Sonder just had a messy breakup—and guests are caught in the middle
Sonder Holdings said on Monday it will wind down its operations and file for bankruptcy one day after Marriott International abruptly announced that it had terminated its licensing agreement with the San Francisco operator of thousands of rental properties. The one-two punch of news has caused chaos for employees and guests alike. Shares of Sonder have plummeted more than 64% as of midday trading on Monday. In a statement on Monday, Sonder said …
Marriott and Sonder make an absolute mess, with guests forced out and reservations cancelled
Last year, Marriott announced a deal with Sonder, which was a chain offering apartment-style accommodations in various cities. They integrated Sonder properties earlier this year, enabling members to earn and redeem points at those properties. Unfortunately, yesterday (on a Sunday), Marriott abruptly announced the termination of its agreement with Sonder, telling guests that reservations would not be honored and those who were currently in the m…
Sonder Halts Operations as Marriott Partnership Ends
There’s more bad news for Sonder — the apartment-style hotel brand that Marriott began licensing last year. On November 10, the company announced it would immediately cease operations and enter Chapter 7 liquidation of its U.S. business. Here’s what we know. Sonder Files For Bankruptcy Sonder by Marriott Bonvoy is no more. The hotel company, which offered Airbnb-style accommodations, announced that it would file for Chapter 7 bankruptcy. This co…
Coverage Details
Bias Distribution
- 100% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
