Enjoy Technology, a Palo Alto-based mobile retail startup founded by former Apple executive Ron Johnson, has filed for Chapter 11 bankruptcy and is laying off over 400 employees in the U.K., representing about 18% of its workforce. The company, which went public via a SPAC merger less than a year ago, cited a rapidly declining cash position that left it unable to cover operating expenses like payroll. Enjoy, which had raised significant venture funding, is selling itself to Asurion LLC and plans to continue operating during bankruptcy proceedings. This situation reflects broader challenges among companies that went public through SPACs, with many facing delisting risks due to low stock prices.
