Vacasa’s website says it still manages, maintains, and markets 1,164 Hawaii vacation rentals. Vacasa grew quickly to be Hawaii’s largest vacation rental company. It seems like they announced 81% sales growth only yesterday before today’s reality became clear. This darling of the stock market has gone from its recent high of nearly $10 a share to a low of $1.13 today in after-hours trading, in a precipitous drop of 88%. The greater vacation rental industry remains under pressure, having grown too fast and often without sound business practices. Following news recently that Vacasa abruptly laid off 17% of their workforce, they’ve just encountered terrible headwinds, including shrinking revenue, mounting losses, loss of key people, shares down 88%, and more. Sometimes you can’t catch a break, which seems to be true at long-troubled Hawaii vacation rental giant Vacasa.
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