Sonder to Liquidate US Operations After Marriott Licensing Deal Collapse

MT Newswires Live

Nov 11

Sonder Holdings (SOND) plans to wind down operations immediately and file for Chapter 7 liquidation of its US business following the termination of its licensing agreement with Marriott International (Marriott International (MAR).

"Our integration with Marriott International was substantially delayed due to unexpected challenges in aligning our technology frameworks, resulting in significant, unanticipated integration costs, as well as a sharp decline in revenue," Sonder said Monday in a statement.

Sonder "ultimately was unable to execute a viable going concern transaction for its business and operations or obtain additional liquidity," according to the statement.

Sonder shares fell 62% in recent Monday trading, and Marriott declined 0.3%.

Price: 0.19, Change: -0.32, Percent Change: -61.96

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