Tuesday, September 27, 2016

LeisureLink Shuts Down All Operations

LeisureLink, the developer of vacation rental booking software which was started in Pasadena, has shut down all of its operations, and laid off all of its staff. In a letter to partners, LeisureLink said all employees of LeisureLink are being terminated and the platform turned off, after its management was unable to raise additional equity to fund the company. In that letter, the company said it had been working with an investment bank in the last 12 months, and expected it would raise money this summer--but after interest from strategic buyers and investors, determined that it was unlikely to complete a transaction before late Q4 of this year. The company said it has now entered into an Assignment for Benefit of Creditors to manage an orderly disposition of the company's assets.

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