Ex-Apple exec Ron Johnson’s Enjoy Technology files for bankruptcy

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Ron Johnson for the duration of a panel discussion at the CNBC Evolve New York event on June 19, 2019.

Astrid Stawiarz | CNBC

Take pleasure in Technological innovation, a retail startup launched by former Apple and J.C. Penney exec Ron Johnson, submitted for Chapter 11 bankruptcy safety on Thursday, mere months after it created its inventory sector debut.

The firm’s liquidity has dwindled whilst its business has suffered from staffing shortages. Get pleasure from, which operates cellular retail retailers, went public in Oct by means of a merger with a specific intent acquisition firm, or SPAC.

Love claimed in a submitting that it strategies to market its assets in the United States to the engineering maintenance corporation Asurion.

Asurion has agreed to deliver $55 million of funding so that Enjoy can keep on to operate as it reorganizes in personal bankruptcy security from creditors, the submitting reported. Get pleasure from expects Asurion’s bid will be adequate to pay out all of its secured and unsecured collectors.

Get pleasure from and Asurion did not instantly reply to requests for remark.

Johnson, who is also CEO of Appreciate, started the firm in 2014. He is best known for supporting to make Apple’s retail business and for trying to change all around the J.C. Penney department store chain, albeit unsuccessfully. He was there from 2011 to 2013, a time period in which his method alienated the retailer’s core prospects.

Previous year, amid a frenzy of SPAC discounts, Delight in went general public by means of a merger with the blank verify company Marquee Raine Acquisition Corp. At the time, the transaction valued the combined business at an enterprise value of approximately $1.2 billion.

But more not long ago, Enjoy was hurt partly as SPAC buyers began to consider back again their income and the business was remaining with fewer income, court docket filings display.

Appreciate lists only $523,000 in cash on hand. The company stated it has already begun laying off about 400 U.K.-centered workers, or roughly 18% of its whole workforce.

Enjoy counted enterprise money firms including Kleiner Perkins and Andreessen Horowitz as first backers. The business started out to examine strategic options this previous spring, according to the filing.

Its shares, which trade under 20 cents apiece, are down a lot more than 96% this 12 months, which include Thursday’s losses.