Enjoy Technology

Enjoy Technology was founded by Ron Johnson, the former Apple retail chief who also had a disastrous stint as JCPenney CEO. Enjoy's model sent 'experts' to customers' homes to set up and sell tech products, partnering with carriers like AT&T.

The company merged with Marquee Raine Acquisition Corp in October 2021, but the business model had fundamental problems. Customer acquisition costs were extremely high — sending trained staff to individual homes was expensive. Revenue per visit rarely covered the cost of the visit itself.

The company burned through cash at a pace that shocked even seasoned SPAC watchers. By mid-2022, just months after going public, Enjoy was already in financial distress. Johnson's track record at JCPenney should have been a warning sign — his attempt to transform the retailer had been one of the biggest failures in retail history.

Enjoy filed Chapter 11 in June 2022, just 11 months after its SPAC merger. Assets were acquired by Asurion, a tech insurance company, for a fraction of the merger valuation. It was another reminder that a famous founder's name on a SPAC was often more of a warning than an endorsement.