Sonder Holdings said on Monday it will wind down its operations and file for bankruptcy one day after Marriott International abruptly announced that it had terminated its licensing agreement with the San Francisco operator of thousands of rental properties.

The one-two punch of news has caused chaos for employees and guests alike. Shares of Sonder have plummeted more than 64% as of mid-day trading on Monday.

In a statement Monday, Sonder said it expects to file for Chapter 7 bankruptcy and liquid its U.S. business, in addition to initiating insolvency proceedings in the international countries where it operates.

“We are devastated to reach a point where a liquidation is the only viable path forward,” said Janice Sears, interim chief executive officer of Sonder. “We explored all viable a

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