The bad news continues amongst destination clubs, with the announcement today that High Country Club will be filing Chapter 7 bankruptcy early next week.
The club announced a restructuring back in October and has gone through various iterations since then to try and find a viable long-term plan. The restructuring included reducing the number of homes in the portfolio and increasing member dues. The club had also been working with lenders to try and reduce the mortgage costs on the home portfolio.
In a note to members, Christian Kirschner, High Country Club CEO stated:
Effective immediately, High Country Club will no longer be in business. Along with our bankruptcy attorneys, we are in the process of filing Chapter 7 bankruptcy early next week.
The severe decline in the economy has made it impossible to operate our business. Our team has worked tirelessly over the past 120 days to restructure and save the business. However, multiplying outside factors and a declining membership has made operations impossible.
Effective immediately all reservations are canceled.
We expect that the Bankruptcy Court will be in contact with members after our filing next week.
I offer my sincerest apologies and regrets as the current business and economic environment has made it impossible for HCC to operate.
The club has already taken down its website and emails to the club are just bouncing back.
Most of the other destination clubs have been making changes, with staff cuts, increased dues and fewer homes to align their business' with the current economic reality.