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Take pleasure in Expertise (NASDAQ:ENJY), the retail startup based by former Goal, Apple, and J.C. Penney govt Ron Johnson filed for chapter. The submitting for Chapter 11 safety comes lower than one yr after its debut on public markets through SPAC.
Firm filings launched on Wednesday and Thursday detailed the phrases of the shutdown, together with headcount reductions and asset gross sales. Specifically, the corporate entered right into a mortgage settlement with the privately-held know-how restore firm Asurion that may embody its final sale to the agency in addition to the intention to instantly lower its headcount by 145. Following the discount, the corporate estimates it retains 1,707 complete staff worldwide.
Shares of the retail know-how firm tumbled over 95% in 2022, rapidly coming to chapter after its SPAC IPO in October 2021. Johnson is a controversial determine in retail, with quite a few articles and columnists blaming him for the demise of JC Penney.
Learn extra on how quick bets on J.C. Penney helped elevate Melvin Capital to prominence.
