In a market seemingly overstated with short-term rental companies, lodging startup Sonder is headed toward a “restructuring.”
According to the company’s most recent earnings report, Sonder will reduce existing corporate roles by 21 percent, as well as eliminate 7 percent of existing frontline roles.
Sonder expects to spend between $3.5-$5.5 million to restructure the business before the end of the year and save about $85 million. The company has said it is providing severance, benefits continuation and other support to assist departing employees with transitioning to new roles.
The company also announced plans to cut back on expansion to new markets.