A retail startup founded by a former Apple Executive,  filed for bankruptcy less than a year after going public through a merger with a blank-check company.

Enjoy Technology Inc., founded by former Apple Executive Ron Johnson, filed for bankruptcy Thursday. In the filing, it said it plans to maintain operations, and sell itself to Asurion LLC while in Chapter 11 bankruptcy. Asurion has pledged a $52.5 million loan to fund the Chapter 11 case.

Enjoy’s business consists of what it refers to as mobile retail stores, which help consumers purchase and set up complex electronic products in their homes. Founded in 2014, the Palo Alto based company says it has had trouble acquiring the funding to run its operations.

The company described, “a rapidly declining cash position that has rendered them unable to pay operating expenses, including payroll,” and requested protection from creditors. Enjoy is in the process of laying off 400 UK-based employees as part of the bankruptcy process.

Enjoy went public a year ago when it merged with Marquee Raine Acquisition Corp., a Special-purpose acquisition company. That delivered $112.6 million, after the payment of outstanding obligations. However redemption expenses, when SPAC investors decide to pull their funding out of deals they decide they do not want, shrank its pool of available capital.

Johnson had been known as the founder of Apple’s retail arm before founding the company and  becoming Enjoy’s CEO in 2014. He lent $10 million to the company to facilitate the company’s sale, shortly before the bankruptcy filing.

SPACs are having a tough time lately. Electric car company Last Mile Solutions Inc. filed for Chapter 7 just weeks ago, and overall there are 35 SPACs trading below $1. In addition, there are 65 more which appear likely to need more financing within the year just to stay afloat, according to a recent Bloomberg analysis.

The case is Enjoy Technology Inc., 22-10580, U.S. Bankruptcy Court for the District of Delaware.