How the man behind the Apple Store presided over a Spac catastrophe

Financial Times (FT) (07/04/2022)
  • Former Apple executive Ron Johnson, widely credited with developing Apple’s retail stores, has struggled leading Enjoy Technology.
  • Founded in 2014, Enjoy has 700 mobile stores (2,000 employees) that bring smartphones, computers and other electronics to customers homes to test out and potentially purchase.
  • Johnson envisioned Enjoy’s convenience sparking more electronics sales.
  • Despite raising $450M after going public in March (2021) via Spac merger ($1.1B valuation), costs rapidly outpacing revenues (below $100M) forced Enjoy to file bankruptcy in June (2022) with just $1M left.