Core Insights - Sonder Holdings is winding down operations immediately due to severe liquidity issues and the termination of its licensing agreement with Marriott International [2][4][7] - The company plans to initiate Chapter 7 liquidation in the U.S. and insolvency proceedings in international markets following Marriott's declaration of Sonder's default [2][4] Company Operations - Sonder had been integrating its systems with Marriott's, spending nearly $3.7 million on this integration in the first half of 2023 [3][6] - The integration challenges led to significant unexpected costs and a sharp decline in revenue from Marriott's Bonvoy reservation system [6][7] - The company had previously indicated liquidity concerns, stating it may be insufficient to meet obligations for the next year [8] Financial Performance - Sonder went public in early 2022 with a valuation of $1.9 billion but has seen its stock price plummet from approximately $200 per share to $0.17 per share as of now [12] - The company faced multiple challenges, including earnings accounting errors, resulting in lawsuits and layoffs [2][12] Leadership Changes - Recent executive changes include the departure of co-founder and CEO Francis Davidson and CFO Michael Hughes, with plans for co-founder Martin Picard to participate in a potential bid for the company [9][10] - New board members with experience in corporate restructuring have been appointed to navigate the wind-down process [10] Market Impact - The termination of the licensing deal has left many travelers with canceled bookings, impacting customer trust and brand reputation [5] - Sonder operated over 9,000 rental properties in 10 countries as of 2024, but the abrupt operational changes may affect its market presence [11]