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•The company will sell its assets in the US to Asurion
Former Apple executive Ron Johnson’s retail startup, Enjoy Technology, filed for Chapter 11 bankruptcy protection on Thursday, just months after it made its stock market debut.
Enjoy said in a filing that it plans to sell its assets in the US to the technology repair company Asurion. Asurion has agreed to lend $52.5 million of new money to fund the Chapter 11 case.
Johnson founded the company in 2014.
Enjoy went public via a SPAC merger with the blank check company Marquee Raine Acquisition Corp. At the time, the transaction valued the combined business at an enterprise value of roughly $1.2 billion.
Currently, investors have backed out of the deal leaving the business with only $523,000 in cash on hand. The company has begun laying off about 400 UK-based employees, or roughly 18% of its total workforce.
Source - SEC
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