Former Apple, J.C. Penney Exec Ron Johnson's Enjoy Technology Files for Bankruptcy Months After It Went Public

Enjoy Technology, a retail startup founded by former Apple and J.C. Penney exec Ron Johnson, filed for Chapter 11 bankruptcy protection on Thursday.

Marquee Raine Acquisition Corp. At the time, the transaction valued the combined business at an enterprise value of roughly $1.2 billion.

But more recently, Enjoy was hurt part as SPAC investors started to take back their money and the business was left with less cash, court filings show. Enjoy lists only $523,000 in cash on hand. The company said it has already begun laying off about 400 U.K.-based employees, or roughly 18% of its total workforce.

Its shares, which trade under 20 cents apiece, are down more than 96% this year, including Thursday's losses.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

nbcchicago /  🏆 545. in US

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apple fanboy-ing it to the max: Is the fabled 'Apple ecosystem' overrated?ICYMI: I tried diving into Apple's ecosystem to see if it's as perfect as it appears on the outside...
Read more »

'They ripped off our technology': Apple exec stokes rivalry with SamsungApple exec reduces Samsung to an annoying company that just copied the iPhone's design.
Read more »

Belkin’s MagSafe charging stand can now fast charge the Apple Watch Series 7You can preorder the device for $150.
Read more »

Apple reportedly failed to develop its own 5G modem for the iPhone 15Apple's plan to release a iPhone with its own 5G modem design has reportedly hit a huge technical roadblock.
Read more »

iPhone 13, Galaxy S22, Pixel 6 show Apple, Samsung, Google don’t take ultra-wide cameras seriouslyCamera test shows that iPhone 14, Galaxy S23, and Pixel 7 - the world’s top upcoming flagships, could come with bad ultra-wide cameras if Apple, Samsung and Google don't do something!
Read more »

‎Skimm This: Skimm This Special Report: The Future of Abortion Access on Apple PodcastsRoeVWade is gone. What does the future hold? On TheSkimm latest episode, find out more about women’s health outcomes, economic impacts and other rights that might be at stake post-Roe.
Read more »