Enjoy Technology Inc, a Silicon Valley retailer led by former Apple Inc and JC Penney Co executive Ron Johnson, filed for bankruptcy protection on Thursday, fewer than nine months after going public through a special-purpose acquisition company .
Asurion agreed to provide $55 million of financing so Enjoy can operate while it reorganizes under Chapter 11 protection from creditors with the U.S. bankruptcy court in Delaware. But in a court filing, a restructuring adviser said Enjoy has struggled with declining liquidity, in part because a large number of SPAC investors took back their money, as well as the"supply chain crisis" and an inability to retain staff.
SPACs, or blank-check companies, are listed shell entities that let sponsors take private companies public faster than through traditional initial public offerings.
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