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.
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