Hotel Supplier Zoho, Short of Money - Is in Discussions With Potential Buyers
Zoho Corp., a closely held online hotel-goods provider, is seeking a buyer because it is running out of funds and a promised investment in the firm has fallen through, said Chris Hjelm, Zoho's president and chief executive officer.
The Sunnyvale, Calif., Internet concern has notified customers that it will stop processing orders for hotel goods at the end of May, unless a buyer emerges, the executive said in an interview. The company is down to about 25 employees, from a one-time high of about 200.
Mr. Hjelm said Zoho is in talks with several potential buyers, including Starwood Hotels & Resorts Worldwide Inc., White Plains, N.Y.,
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By Christina Binkley
Staff Reporter of The Wall Street Journal