Bloomberg’s Jeremy Hill screenshot the $ENJY chart and put it up on Twitter:
https://twitter.com/JeremyHtweets/status/1542531026270011394…
@JeremyHtweets
Enjoy Technologies, which went public via SPAC in October, filed for bankruptcy today
11:30 AM · Jun 30, 2022·Twitter Web App
Former Motley Fool John Rosevear’s response:
https://twitter.com/john__rosevear/status/154254507332956160…
@john__rosevear
Hope they enjoyed it.
(I’ll see myself out.)
I had to look up the business they were in:
Enjoy Technology, Inc.
3240 Hillview Avenue, 24th floor
Palo Alto, California
http://www.enjoy.com
Sector: Discretionary
Industry: Specialty Retailers
Employees: 2,723
DESCRIPTION
Enjoy Technology, Inc. operates mobile stores that provide home delivery, set up, and a full shopping experience for premium companies. It operates through the North America and Europe geographical segments. The North America segment consists of operations within the United States and Canada. The Europe segment includes operations within the United Kingdom. The company was founded by Ronald B. Johnson and Tom Suiter in May 2014 and is headquartered in Palo Alto, CA.
Their website: “Now the store comes to you!”
Look out $UBER Eats, $GRUB, $DASH, etc., etc.
Adding more to this thread. I just happened to see this on the Financial Times website:
Financial Times headline: How the man behind the Apple Store presided over a Spac catastrophe
Enjoy Technology under Ron Johnson crashed from public listing to bankruptcy at breakneck speed
Plucked in 2000 by the Apple co-founder after a successful run at discount retailer Target, Johnson is widely credited with developing the concept of the Apple Store, the gadget maker’s hyper-successful bricks-and-mortar retail gambit.
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Enjoy Technology was valued at $1.1bn when it went public through a Spac in October, luring in investors with a vision of “commerce at home”, which offered busy consumers the chance to have an Apple Store-like experience in their living room.
Now, just eight months after its shares began trading, that lofty valuation has been all but wiped out. Instead of becoming the next Apple or even Airbnb or Uber — other disrupters that Johnson singled out as inspirations — Enjoy hastily filed for Chapter 11 bankruptcy on Thursday.