Tuesday, September 27, 2016

LeisureLink Shuts Down, Lays Off Staff

Salt Lake City-based vacation rental booking software developer LeisureLink, said on Tuesday that it has shut down all of its operations and laid off all of its staff. In an email to its 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. LeisureLinksaid it had been working with an investment bank in the last 12 months, and expected it would raise money this summer, but, despite interest from strategic buyers and investors, determined that it was unlikely to complete a transaction before late Q4 of this year, when it would already have run out of capital. LeisureLink said it has now entered into an Assignment for Benefit of Creditors to manage an orderly disposition of the company's assets.