ASAP, a US food delivery service previously operating under the name Waitr, has officially ceased operations and filed for Chapter 7 bankruptcy.
The announcement came through an 8-K form [the current report” that companies must file to announce major events that shareholders should know about] filed with the US Securities and Exchange Commission on 2 April 2024.
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The move includes the liquidation of all assets held by Waitr Holdings and the immediate termination of its executive leadership, including CEO Carl Grimstad.
The bankruptcy filing encompasses all subsidiaries of the company: ASAP, Bite Squad, Catering on Demand, Cova, Delivery Logistics, Dude Delivery and Waitr.
The decision to liquidate follows a series of operational wind-downs that began in February 2024.
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The filing indicated that shareholders are unlikely to receive payouts for their stock holdings following the bankruptcy proceedings.
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By GlobalDataFounded in 2013 by students from McNeese University, Waitr launched officially in 2015 and expanded rapidly across Louisiana and beyond.
In 2018, the company was acquired by Landry’s owner Tilman Fertitta’s blank check company, Landcadia Holdings, for $308m and subsequently went public through a SPAC [special purpose acquisition companies] merger.
The acquisition of Bite Squad expanded Waitr’s reach to 500 cities in 22 states.
Despite attempts to stand out in a competitive market by focusing on smaller, independent restaurants in mid-sized cities, Waitr faced significant challenges.
A delisting warning from Nasdaq was issued in December 2019 as the company’s stock price languished below $1 for 30 consecutive days.
A leadership change followed with former iPayment CEO Carl Grimstad taking the reins and subsequently announcing substantial layoffs.
In 2022, the company was compelled to rebrand to ASAP.com following a legal dispute over trademark infringement with the unrelated Waiter.com. The same year, ASAP reported a third-quarter loss of $73.5m, highlighting the financial difficulties that have now culminated in bankruptcy.
